Work on the project is expected to begin before the end of the year.
The Heads of the Valleys Company, which is leading the project, said an agreement had now been reached with Blaenau Gwent County Borough Council on the planning application.
In a statement on its website, the Circuit of Wales said it will "transform 830 acres of Blaenau Gwent in the scenic Welsh valleys on an unparalleled scale, and will shine the global spotlight on the region.
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"The innovative scheme will wholly regenerate the area, providing unrivalled opportunities in job creation, tourism, and research and development."
It continued: "As the most significant capital investment programme in automotive infrastructure in the UK in the last 50 years, the Circuit of Wales will ensure Wales becomes synonymous with high quality motor sport activity, commerce and entertainment worldwide."
When completed, the development will be able to host international motor events and will include a 3.5 mile track, as well as a Motocross and Karting track plus off-road driving facilities.
According to developers, around 3,000 new jobs could be created during the construction phase, with a further 6,000 new jobs once the development is complete.
(JP/IT)
