Main construction is expected to commence in the first half of 2025 with completion expected in 2028.
At peak construction, Balfour Beatty will employ over 200 people including 10 apprenticeship and graduate positions.
The big power project will see Balfour replace the existing high voltage electricity network between Bramford Substation in Suffolk and Twinstead Tee in Essex, with a new 400KV overhead line spanning 18km.
It will also deliver 11km of underground cable through the Dedham Vale Area of Outstanding Natural Beauty and Stour Valley.
The company will work closely with ecologists and conservationists throughout to mitigate any disruption to local wildlife and has committed to delivering a 10% biodiversity net gain over the project lifecycle.
Leo Quinn, Balfour Beatty chief executive, said: “This award demonstrates the momentum we are capturing in the energy security and transition market.
“As the largest power transmission provider in the UK, we have a long and proud history of working with National Grid. This latest award will once again enable our expert teams to deploy their proven capability to successfully deliver overhead lines and underground cabling works in complex and challenging landscapes.”