Dong is looking for comments from local residents, "in coastal areas of Lancashire and Cumbria", to determine how a possible £660,000 (€922,616) a year should be spent to support local projects.
The developer said the size of the fund is yet to be determined and will depend on the size of the project, once it gets the final go ahead.
Walney Extension received government approval in November 2014, and was one of five projects to win a final investment decision-enabling contract for difference government subsidy in April 2014. Dong is yet to make a final investment decision.
The extension project will be located 19 kilometres off England's coast in the Irish Sea alongside the 367.2MW Walney project, commissioned in 2012.
It has been split into two phases, with Dong looking at MHI-Vestas' V164 8MW for the first phase, and Siemens' 7MW turbine for the second phase.