Australian company SunCable is undertaking a $30 billion solar energy project - named Australia-Asia PowerLink - aimed at supplying power to Darwin and onto Singapore via 4300 kilometres of subsea cable.

The Examiner can reveal that Bell Bay, near George Town, has been nominated as the preferred site for a new facility manufacturing high-voltage subsea cable.

The project would place Tasmania as having the only facility of its kind in the southern hemisphere, and solve supply constraints of the required cable.

Crucially, the project would create an estimated 1200 construction and full-time jobs in Northern Tasmania.

The state government said the SunCable facility would add $1 billion to the Tasmanian economy during construction, and as much as $350 million annually at full operations.

"A project of this size could create over 800 construction jobs, and over 400 long-term advanced manufacturing roles across a diverse range of trades, skills and capabilities," Premier Jeremy Rockliff said.

"This is an extraordinary opportunity for the northern region and confirms that Tasmania has what the world wants."

Should it go ahead, construction of the facility would begin in 2025, with cable manufacturing to be under way by 2029.

An early render reveals the facility's three main components - workshop buildings, port facilities, and a tower enabling the required vertical manufacturing processes.

SunCable is expected to visit Northern Tasmania in the coming weeks to undertake community consultation and meet with key stakeholders.

The company is understood to be interested in a specific site at Bell Bay, which was identified for its size, proximity to the port, and access to rail and renewable energy infrastructure.

Bass MP and Deputy Premier Michael Ferguson said the project would provide employment for generations to come in the Tamar region.

"I'm sure numerous Tasmanian businesses will see the flow-on benefits of having such a project in our state," Mr Ferguson said.

"It is a huge vote of confidence in the Tasmanian economy, and our government welcomes the role the private sector plays in Tasmania."

SunCable chief projects officer Chris Tyrrell said the company was keen to meet with the local community to discuss the project.

"We welcome further input and feedback before proceeding with a final decision and subsequent development applications," he said.