The selection has been made following a competitive bidding process undertaken by Ofgem.
Featuring 160 Siemens 3.6MW turbines, the £2bn Gwynt y Môr offshore wind project is being built by RWE Innogy UK in Liverpool Bay, off the North Wales coast.
Ofgem senior partner for transmission Martin Crouch said: "With the licence granted for Gwynt y Môr OFTO, the OFTO regime has attracted over £2.2 billion of new investment into the UK transmission sector to date.
"This is just a part of up to £10 billion of investment in offshore and cross-border investment that we are expecting by the end of decade."
The wind farm is being designed to generate enough energy to meet the needs of about 400,000 households.
European Investment Bank vice president Jonathan Taylor said: "Investment in renewable energy helps to reduce carbon emissions and benefits local economic activity.
"We are pleased to be able to support the Gwynt y Môr project using the Project Bond Credit Enhancement facility and continue our close cooperation with OFGEM to finance the connection of offshore windfarms to the national grid using a range of financing structures."
