The Hospital Company JV will now begin building the Midland Metropolitan Hospital PF2 for the Sandwell and West Birmingham Hospitals NHS Trust.
As part of the deal, Carillion will invest £13m into the project under a £297m building contract.
The modern facility will contain 683 beds and 13 operating theatre suites.
Other features include an enclosed Winter Garden, car parking within the building on both ground and first floor levels along with a full separation of clinical activities.
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Carillion will begin building the facility in early 2016, with completion scheduled for mid-2018 and the hospital opening in late 2018.
In addition, the firm will deliver hard facilities management and life cycle maintenance worth £140m over the 30-year life of the concession contract.
Carillion Chief Executive, Richard Howson, said: "We are delighted to have achieved financial close on this important new hospital. Carillion has delivered over 60 Public Private Partnership projects including more than 20 healthcare projects, making us a global leader in the PPP market.
"We will use this experience and our commitment to working closely with the Sandwell and West Birmingham Hospitals NHS Trust to deliver a state-of-the-art hospital that will support the Trust in delivering significant improvements in healthcare services for the people of Sandwell and West Birmingham."
(LM/JP)
