The new development will be the latest in a series of innovative Tate Modern projects

Phase one of the development includes the opening of the former power station’s spectacular oil tanks, enormous circular spaces over thirty metres across and seven metres high. These industrial chambers will act as innovative social and learning spaces and host a diverse programme of live performances and events.

The east tank will provide the opportunity to showcase major new installations, while the south tank will feature film, performance, sound and discussions. The full programme for the Tate Modern oil tanks will be announced in early 2012.

Cultural Olympiad and London 2012 Festival Director Ruth Mackenzie said: 'It is very exciting that the new development of Tate Modern, the world's most visited modern art gallery, will open during the London 2012 Festival which is the culmination of the Cultural Olympiad.'

A further series of neighbouring galleries will provide a range of new spaces for works from the Tate Collection, including two raw concrete galleries and a unique steel-lined gallery.

Nicholas Serota, Tate Director, said: ‘The new building will allow us to show more of our collection, while the Oil Tanks promise to be some of the most exciting spaces for new art in the world.'

Phase two of the new development, which is planned to open at the latest in 2016, will complete the building and provide further floors of galleries.

The London 2012 Festival will bring together artists from all over the world from 21 June – 9 September 2012 for the culmination of the Cultural Olympiad.