The study by Ross and Cromarty Enterprise also shows that 1,200 indirect jobs would be created across Scotland if the project goes ahead. The venture is unique north of the border and would use locally grown timber.
Developer Forscot hopes that it can be operational within five years.
The 100ha site at Delny near Invergordon was chosen ahead of others for its transport links, the developer said.
Highland Council planning convener Sandy Park said: "This is a boost for an area that was the industrial heartland of the Highlands during the boom years of the oil fabrication industry."