Plans have been submitted for a "world-leading" data centre in South Mimms.
The centre would be one of the largest data centre campuses in Europe, covering 85 acres and providing two million square feet of floor space.
DC01UK, the company behind the plans, hopes to have the centre up and running by 2029.
The facility would have a power reservation of 400MVA from National Grid, which the company says is the largest pre-2030 power reservation in the UK.
DC01UK has said the site would generate £3.75 billion for the UK economy during the construction phase and create 500 jobs.
Once operational, the site would create 200 permanent jobs and generate £21 million in business rates each year.
A DC01UK spokesperson said: "The ambition for this project is to build the next generation of national digital infrastructure to power the needs of tomorrow.
"This project would put Hertfordshire at the forefront of one of the most technologically exciting projects in Europe."
The project would also include improvements to cycling and bus routes, and a Technology and Innovation Hub at the site of the former White Hart pub.
The hub would provide training and apprenticeship opportunities for residents.
DC01UK has also said the construction of the data centre would align with Hertsmere Borough Council's net zero strategy.
Councillor Jeremy Newmark, leader of Hertsmere Borough Council and chair of Hertfordshire Growth Board, said: "This is incredibly exciting news.
"It shows that Hertsmere is an extremely desirable location for business and is a natural base for the cutting-edge technology and critical infrastructure which will serve Britain in the coming years and for many future generations.
"The project is aligned with the council’s vision.
"It will be a major boost for our economic development, creative and climate change strategies.
"The prospective economic benefits are clear. A scheme like this will deliver significant growth for the area.
"It will create many new jobs, both during and after construction, and new businesses."
DC01UK launched a consultation to gauge public opinion before officially submitting the plans.
The application is still subject to the planning process, during which a public consultation will be held.
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