Construction is scheduled to start in 2014/15 following a detailed planning and design phase.
The firm said once construction starts it is likely to take at least six years before the plant is fully operational.
Prime Minister David Cameron said: “This is excellent news, a major investment that will create many highly skilled jobs and provide a great boost to the economy.
“It shows why we are right to cut business tax and focus on making the UK a dynamic and competitive place that can attract exactly this type of high tech investment.”