The plant will be built next to the existing South Humber Bank power station and produce electricity for around 500,000 homes.
Construction is expected to start later this year and the facility will support 600 construction jobs.
South Humber Bank Energy Centre will generate 50MW from 620,000t of domestic waste per annum.
Developer EP UK Investments (EPUKI) is a subsidiary of Europe’s sixth largest power generator EPH. The Czech company acquired two gas-fired power stations from Centrica plc in 2017, with a combined capacity of 2.3GW and commissioned a 420MW biomass power station at Lynemouth last year.
EPUKI Head of Engineering James Crankshaw said: “The project is not dependent on securing a power purchase agreement or other form of secured income such as a contract for difference as other EFW projects have required and, as such, EPUKI expects to progress to the construction phase soon after planning is approved.
“The Energy Centre will provide much needed new power generation and energy recovery facilities as well as creating permanent local jobs.”