Vattenfall will invest more than €1 billion in the project, due to be installed around 10 kilometers off Denmark's west coast by 2018.
MHI Vestas, named preferred supplier in June 2015, is expected to supply 50 V164 8MW turbines to be installed at the site. It would be the first commerical order for the V164 in Denmark.
Vattenfall won the tender to build Horns Rev 3 in February 2015 by bidding to produce power at €103.1/MWh.
The price will mean the project is among the cheapest offshore projects, but that does not include transmission costs.
Vattenfall outbid Dong, Statoil and E.on in the tender process.
The Swedish developer said it would seek to reduce construction costs in order to reduce the generation costs.
"Horns Rev 3 is a real milestone for us, it clearly shows that competition is a suitable way to reduce costs for offshore wind significantly. Horns Rev 3 is the cheapest recent offshore project and the experience we have gained from our other wind projects had a very positive impact," said Vattenfall head of wind Gunnar Groebler.
Vattenfall owns a 60% stake in the 160MW Horns Rev 1 project, in partnership with Dong Energy. It uses 80 Vestas V80-2MW turbines installed in 2002.
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