The 20-year deal will see the joint venture, made up of Balfour Beatty Investments and Equitix, become the owner and operator of the 8km transmission link.
The Humber Gateway offshore windfarm, located in the North Sea off the coast of East Yorkshire, comprises 73 wind turbines and has a total installed capacity of 220MW.
The transmission link is currently owned by Eon Climate and Renewables UK Humber Wind, who constructed the cable, but this will transfer to Balfour Beatty Equitix Consortium when the licence is granted.
The consortium partners have previously worked together on a number of large-scale projects, including earlier this year when it was selected to become the owner and operator of the £352 million transmission link to the 576MW Gwynt y Mor offshore windfarm in Wales.
The award of the Humber Gateway link completes the tender of tender round three OFTO projects.
The fourth tender round is due to start in the first half of next year, while the fifth round will commence in 2017. Together they are expected to be made up of six Ofto projects with a combined value of £2 billion.
The Ofto regime was launched by Ofgem in 2009 and uses competitive tendering for licensing offshore electricity systems and has delivered £2.6 billion of investment.