Construction giant, Ferrovial, has beaten another Spanish company, ACS, to the contract to build a new tunnel under the River Thames in East London.
The project aims to take pressure off the congested Blackwall Tunnel that dates from the 1960s and is worth 1.1 billion euros.
The two Spanish groups were the only bidders for the first new cross-Thames road route since 1991.
The work will consist of two parallel tunnels each 1.4 kilometres long between the Greenwich Peninsula on the south bank and Silvertown on the north bank.
The link is classified as of "national strategic importance" by the British government.
Ferrovial already has a big presence in the UK and is part- owner of Heathrow Airport.