The go-ahead was given by finance secretary John Swinney - as the location falls within the constituency of energy minister Jim Mather.
The original application was for a 24-turbine 72 megawatt wind farm.
But it was scaled back to 20 turbines and 60 megawatts after a consultation exercise and the go-ahead comes with strings attached.
These include an approved monitoring programme to protect the local bird population.
Mr Swinney said: "Carraig Gheal wind farm will provide a significant amount of electricity used in Argyll and Bute's homes and is another step towards making Scotland the green energy capital of Europe.
"We already have the comparative advantage of a vast array of potentially cheap, renewable energy sources in Scotland."