The Ceres wind farm, located on the state's Yorke Peninsula, would comprise 180 turbines and is projected to cost A$1.3 billion (US$1.4 billion).
The project, which requires regulatory, planning and environmental approvals, would be Australia's largest wind farm if built.
In a statement on his website, South Australia Premier Mike Rann said he expected that, subject to the necessary approvals, Suzlon would complete construction of Ceres by the end of 2015.
"South Australia already has 534 turbines installed producing 1,150MW of wind-generating capacity, which is more than 21% of the state's total electricity generation," added Rann.
"This new project will catapult us towards our target of reaching 33% of renewable-energy generation by 2020."