The North Seas Countries Offshore Grid Initiative will examine the construction of the system, which will involve Ireland and the UK, as well as the Benelux countries, Sweden, Denmark, France and Germany.
It will build on work carried out to date, particularly with the Irish Scottish Links on Energy Study (ISLES) infrastructure project, Minister Eamon Ryan said.
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It has been agreed to establish a concrete plan and timeline for the project.
Early next year, a meeting of all relevant political, industry and regulatory stakeholders will take place.
Minister Ryan said the project is another example of "European vision and ambition in energy policy".
"It is a huge step towards meeting our common renewable energy goals and in guaranteeing a low carbon future.
"Irish wind farms will be able to connect directly to Europe, not only securing our energy supply but allowing us to sell the electricity produced on a wider market."
He continued: "It makes economic, as well as environmental sense. By working together, all of the countries involved will reap the benefits."
Mr Ryan also commended the Belgian Government for their leadership in developing the Initiative.
"I look forward to working with my European counterparts, to proceed as quickly as possible with this exciting and ambitious plan," he added.
(PR/BMcc)
