And bosses behind the scheme say it could bring in up to £70m of investment over the next decade.
The 130-hectare Westway industrial site and adjoining dock in Renfrew is on the banks of the White Cart Water, opposite Glasgow Airport.
It is now set to be one of the first sites to benefit from Scotland's National Renewable Infrastructure Fund.
The fund aims to bring dock facilities back into operational use to support and attract firms involved in the manufacture of heavy components for the renewables sector.
The site owner, WB Westway, has successfully secured £500,000 from the fund to support a £1.3m project which will involve dredging of the dock area, work to create a navigable channel along the Cart and improvements to the quayside.
Announcing the initial funding for the scheme, First Minister Alex Salmond said: "We are already seeing the potential of the renewables revolution to re-industrialise communities across Scotland, including along the Clyde.
"Just as Glasgow was a leading industrial location for the international maritime and shipping industry in the 19th century, the wider city region is increasingly securing its status as an important hub for offshore renewable engineering excellence in the 21st Century."
Scottish Enterprise, which is supporting the project, says the dock improvements have the potential to accelerate the overall development plans for a further 30 acres of land with a masterplan that could see up to £70m invested in the area over the next decade.