The approval will allow 172 turbines with a tip height of 247-metres to be installed at the site 69 kilometres off England's east coast in the North Sea.
"With the support of a highly-skilled supply chain, East Anglia Three will further enhance the UK's leading position in offshore wind. No other sector ticks all of the boxes in its ability to support the Government's plans for rebalancing the economy and promoting economic diversity," said SPR CEO Keith Anderson.
Confusingly, East Anglia Three is the second project in the East Anglia Zone being developed by SPR. The 714MW East Anglia One project is due to begin construction soon and is backed by a Contract for Difference (CfD) subsidy won in the first auction round in February 2015.
East Anglia Three will be connected to the first project via four interconnecting cables, SPR said, as well as being connected to the UK through the ducts created for East Anglia One.
East Anglia One is set to use Siemens' 7MW turbine.
The developer said construction of the new offshore project is expected to begin in 2022, with commissioning due in 2025.
This is dependent on the project securing subsidy in the next CfD round, expected early next year.
RenewableUK's executive director Emma Pinchbeck, said: "This huge clean energy project is a great example of how offshore wind can enable the Government's industrial strategy.
"Not only will the wind farm use the latest, innovative turbines, but it will also provide a massive boost for local businesses to grow," Pinchbeck said.