The wind farm will be sited in Saint George's Bay in the Gulf of Saint Lawrence and will be made up of up to 30 turbines.
With a proposed capacity of 180MW, the project will feature 6MW turbines although a supplier has not yet been named.
Beothuk said that the site has waters with depths of less than 50 metres, is outside major shipping lanes, and has world-class winds.
The location is also close to a planned 500MW high-voltage direct-current underwater transmission link between the Island of Newfoundland and the mainland.
Beothuk has requested an investigative permit from the provincial government for the proposed wind farm location.
The project will have to clear a number of regulatory and planning hurdles before construction could start.