Aberdeen Renewable Energy Group (AREG) working with Swedish utility company Vattenfall said the decision on funding might be influenced by the potential for the windfarm to become a European test centre.
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The joint venture proposals would see up to 23 turbines between one and three miles out to sea stretching from the Bridge of Don to Blackdog beach.
AREG chairman Jeremy Cresswel said: "This is great news for Aberdeen and Scotland".
He explained: "Being considered for European funding on this scale for an energy project is a fabulous opportunity for this region."
AREG is an private-public partnership set up in 2001 to help identify and promote new energy opportunities for North East Scotland. AREG is an incorporated company with an independent board, and its projects and activities are supported by Aberdeen’s City Growth Fund.
(GK/JM)
