A planned offshore wind farm moved a step closer to construction Tuesday with the Department of the Interior announcing it has approved the project, to be located in federal waters near Rhode Island south of Martha’s Vineyard.

The Revolution Wind project will have an estimated capacity of more than 700 megawatts of renewable energy, capable of powering nearly 250,000 homes, and is expected to create about 1,200 jobs during construction, regulators said.

It’s the department’s fourth approval of a commercial-scale, offshore wind energy project, joining the Vineyard Wind project off Massachusetts, the South Fork Wind project off Rhode Island and New York, and the Ocean Wind 1 project off New Jersey.

The plan identifies possible locations for the installation of 65 wind turbines and two offshore substations.

Revolution Wind will create a fund to compensate for losses by recreational and commercial fisheries in Rhode Island and Massachusetts — as well as fisheries from other states — directly related to the construction of the turbines.

The union representing 340,000 UPS workers said Tuesday that its members voted to approve the tentative contract agreement reached last month, putting a final seal on contentious labor negotiations that threatened to disrupt package deliveries for millions of businesses and households nationwide.

The Teamsters said in a statement that 86% of the votes casts were in favor of ratifying the contract. The union said said it was passed by the highest vote for a contract in the history of the Teamsters at UPS.

The union said all supplemental agreements were also ratified, expect for one which covers roughly 170 members in Florida.