Construction is due to begin after the project reached Financial Close.
The 588MW, 84-turbine scheme is jointly owned by SSE (40%), Copenhagen Infrastructure Partners (CIP) (35%) and SDIC Power (25%).
It was consented by the Scottish Government in March 2014 and granted an Investment Contract by the UK Government in May 2014.
Work is now due to get underway at the operations and maintenance facility in Wick, with transmission works to begin this year in Moray.
Offshore construction will begin in 2017, with full operations scheduled for 2019.
SSE said the project will bring a "range of socio-economic benefits" to the local, regional, Scottish and UK economies during both the construction and operational phases, including job creation, skills training, investment in Scottish ports and harbours, supply chain opportunities and community benefit funding.
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Paul Cooley, Director of Renewables at SSE, said: "We are delighted that Beatrice has achieved Financial Close and we are extremely grateful for all of the support received throughout the development of the project from stakeholders such as the Scottish Government, DECC, HIE, the Highland Council, Moray Council and local communities.
"Contracts have already been placed with many UK based suppliers, and Siemens intend to undertake turbine blade construction from Siemen’s new manufacturing facility in Hull.
"Around £10m of investment is planned at Wick Harbour to house the wind farm’s operations and maintenance facilities and improving the existing RNLI facilities. We expect a peak of around 65 jobs during construction of the O and M base with around 90 long-term jobs anticipated during the operational phase."
Business Minister Paul Wheelhouse added: "This is great news for the industry and I congratulate the owners SSE, Copenhagen Infrastructure Partners and SDIC Power on achieving this significant milestone in the development of this multi-billion pound infrastructure project."
(LM/MH)
