The Glenniston Solar Project, based near Glenniston Farm, is a joint venture between Edinburgh-based renewable energy developers Locogen Ltd and Renewco Power Ltd.
It would have a capacity of 39 megawatts of solar generation and an additional 10 megawatts of embedded battery storage.
If approved, the farm would potentially generate an estimated 52.3 gigawatt hours of green energy annually.
This output is roughly the equivalent energy consumption of 18,000 average UK households and equates to approximately 22,590 tonnes of annual CO2 savings.
Following two public exhibitions held in July 2022 and August 2023, feedback from the surrounding community was used to help shape a planning application, which has now been submitted to Fife Council.
Nearly 100 people attended across both events to view project material and discuss the plans.
A community benefit fund will be set up at £600 per megawatt, equivalent to £23,400 annually.
Stuart Hamilton, of Locogen Ltd, said: “Firstly, we would like to thank all those who attended our consultation events and provided valuable feedback on our proposed solar farm at Glenniston Farm.
"We are delighted to confirm a planning application has been submitted which is currently awaiting validation in the coming weeks.
"Our proposal aims to deliver a renewable energy scheme that aligns with Scotland’s climate and energy goals, providing clean and abundant source of power while reducing carbon emissions and helping mitigate the impacts of climate change in Scotland."
Clara Thompson, Senior Developer at Renweco Power Ltd, added: “As part of the project we remain dedicated to providing a £600/MW, equivalent to £23,400 per year, community benefit fund that will be distributed throughout the local area.