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Image courtesy of Drenaline/Wikimedia Commons.

A consortium of four energy companies proposed an $8 billion Wyoming wind farm project Tuesday that could be up and running within the next ten years.

The project would transport wind power generated at fields near Cheyenne, Wyoming to energy storage caverns in Utah through a 525 mile long energy transmission line.

Energy produced at the wind farm would be stored through a compressed air system using four caverns that would each have 41 million cubic feet of storage.

When demand is low excess energy would compress and inject high-pressure air into the caverns. If demand spikes high-pressure air and small amounts of natural gas would be combined to power eight generators.

The storage facility is projected to cost about $1.5 billion, the AP said.

“This project would be the 21st century’s Hoover Dam,” managing partner of Pathfinder Renewable Wind Energy Jeff Meyer said.

The Wyoming wind farm could generate twice as much energy as the Hoover Dam and provide power for up to 1.2 million homes in Southern California annually.

Wyoming-based Pathfinder, Washington-based Magnum Energy, North Carolina-based Duke-American Transmission and recent Siemens acquisition Houston-based Dresser-Rand said they expect to submit blueprints for the project to the Southern California Public Power Authority by early 2015.

The project will be competing against 200 other proposals.