The scheme will connect E.ON's 73-turbine offshore wind farm in the North Sea to the onshore transmission grid at Hedon.
With a capacity of 219MW, the wind farm is capable of powering around 170,000 homes each year.
A Balfour Beatty Equitix Consortium will own and operate the offshore transmission link over the next 20 years.
In addition, Balfour Beatty will invest £12.5 million of the total required equity of £21 million, while its Power Transmission and Distribution business will be responsible for the operation and maintenance of the OFTO's assets. This includes one offshore and one onshore substation and two cable circuits consisting of 18 kilometres of subsea and 30 kilometres of land cable.
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Jonathan Taylor, EIB Vice-President, said: "Offshore transmission connections are a key part of the UK's future energy infrastructure and the European Investment Bank is pleased to support significant new investment to connect the Humber Gateway windfarm to the national network. This new scheme represents the tenth UK offshore transmission link supported by Europe's long-term lending institution over the last five years."
Ian Rylatt, Balfour Beatty Investments Chief Executive, added: "This is our fourth OFTO contract to reach financial close and further establishes our position in the offshore transmission market."
(LM/CD)
