According to plans, the energy centre would comprise up to 15 individual data centre buildings and would produce up to 49.9MW of electricity a year.
Next to it would be a greenhouse complex, using waste heat from the cooling of the data centre buildings to grow agricultural produce.
The site would cover up to 435 acres (176 hectares) of agricultural field.
The council said the project would produce up to 1GW (1,000MW) of computing capacity, placing it among the largest AI data centre campuses proposed in the UK.
The development would also create thousands of construction roles over the course of a decade as the site is built out, the authority added.
Waltham said: “This is a once-in-a-generation investment opportunity.
“North Lincolnshire remains a place where major industries choose to invest, grow and create jobs.”