The money will let the hospital develop essential infrastructure on its site, allowing it to support the continued expansion of healthcare facilities and meet the needs of Milton Keynes' growing population.
The hospital will use the funds to buy new back-up electricity generators that can provide enough power for current and future essential services on site in case of temporary failure of the mains supply.
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John Lewis, Chief Executive of Milton Keynes Partnership, said: "It's really important that as the city continues to grow the hospital is able to expand necessary services such as paediatric and maternity care. These generators will ensure that the hospital's electricity infrastructure has sufficient capacity and reliability to permit new facilities to be developed."
The Milton Keynes Tariff has already contributed nearly £2 million to Milton Keynes Hospital and this has been spent on improving the hospital's road system making access better for patients, visitors and public transport and helping to clear the way for new facilities such as the multi-storey car park.
(CD/JM)
