A new tube station is to be located at the power station site with another at Wandsworth Road to serve the eastern part of Nine Elms and the surrounding area.
The Northern Line extension is key to Wandsworth Council's plans to regenerate Nine Elms and will help kick start major investment projects throughout the area.
The power station scheme would create more than 3,400 new homes and 15,000 new job and training opportunities across the 40 acre site.
A pedestrian high street and town square are part of the masterplan, with space set aside for new shops, restaurants, bars, cafes, offices, a hotel, cinema and other community uses.
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A new section of the Thames Path is to be created along with a five acre riverside park immediately in front on the power station. Other outdoor recreation spaces would be provided as well as cycle paths and pedestrian walkways.
Planning application Committee Chairman Cllr Nick Cuff said: "This scheme would restore one of London's most iconic buildings and create thousands of new jobs and homes.
"The two Northern Line stations will spur on the regeneration of Nine Elms and bring a huge economic windfall to this part of south London. There is still a great deal of work to be done but this is an important step forward and will give the area's other major investors the confidence to press ahead with their plans."
Before work begins Treasury Holdings will sign a legal agreement pledging more than £211 million to improving local infrastructure and community services. Around £203m of this would go towards extending the Northern Line.
Other transport improvements include new bus services and a new passenger pier to link Nine Elms with riverbus services into central London.
The committee also secured a commitment that works to repair the power station will begin at an early stage of the project and that the building would be structurally secure by the end of 2016, including the complete restoration of the four chimneys.
(CD/KMcA)
