The initiative will bring vast amounts of clean electricity to the Los Angeles area by 2023.
Plans include construction of a $4bn wind farm near Chugwater, Wyoming, which would generate 2,100MW of electricity.
The project also includes a $1.5bn compressed air energy storage system, which will be built at a site near Delta, Utah,
A 525-mile, $2.6bn electric transmission line will also be built to link both the sites by travelling through Wyoming, Colorado and Utah.
The transmission line is a shorter alternative to Duke-American Transmission’s previously planned 850-mile Zephyr transmission project.
A separate, existing 490-mile transmission line, traversing Utah, Nevada and California, will transport electricity from the Utah energy storage facility to the Los Angeles area.
The proposed project is expected to generate more than twice the amount of energy produced by the 1930s-era hydroelectric dam in Nevada.
The energy storage facility will yield 1,200MW of electricity, enough to serve about 1.2 million homes in Los Angeles.
All the four companies will formally submit their proposal to the Southern California Public Power Authority by early 2015.
Pathfinder Renewable Wind Energy managing partner Jeff Meyer said: "This project would be the 21st century’s Hoover Dam – a landmark of the clean energy revolution."
