The deal is a major coup for the firm, which has beaten off competition from a shortlist of around 20 bidders including Brookfield, Lend Lease, and Laing O’Rourke.
“Today’s announcement of Carillion’s appointment is further demonstration of our shareholders’ commitment to the scheme,” said Rob Tincknell, chief executive of Battersea Power Station Development Company.
“The size of the contract makes this one of the largest in London and we are delighted that our shareholders have chosen to award it to a British firm,” he added.
Carillion will be developing 866 apartments and town houses next to the iconic brick building, which together form the first phase, known as Circus West.
Carillion expects to create up to 1,400 jobs on-site. In total, the redevelopment of the 39-acre site will generate 15,000 new jobs and 3,500 homes.
Earlier this week, its owners said it has sold 818 of the homes for £675m. The flats went up for sale in January, making it one of the fastest selling developments in London in recent years.