Three cranes - including one six times taller than the Angel of the North - are to be built on the River Tyne.
Engineering firm Offshore Group Newcastle (OGN) planned to build the cranes in 2012 to make parts for wind turbines, before the project stalled.
North Tyneside Council has now approved the project at Hadrian Yard, Wallsend, despite concerns over the cranes' height.
The council said the project could create more than 500 jobs.
A spokesman said economic benefits of the projects outweighed the visual impact.
The tallest crane will be 426ft (130m).
Most of the cranes at the former Swan Hunter yard in Wallsend were demolished in 2010, while others were sent to India.
A council report into the new project said: "The cranes will be visible from a wide range of locations. However, they will be seen in the context of an established industrial estate.
"But while the cranes will be visible, their impact will not be so adverse as to warrant refusal of the application when considering the economic benefits of the proposal."
Ross Smith, spokesman for the North East England Chamber of Commerce, welcomed the move.
He said: "We know the huge potential this region has got for playing a huge part in the offshore wind industry and hopefully, if we've got people willing to make this kind of investment, that can bring that potential to fruition as quickly as possible."
Work at the site will include making foundation structures for large wind turbine generators in waters more than 100ft (30m) deep.
OGN was founded in 2010 and works within the offshore oil and gas and renewable energy industries.