The partnership will deliver 40 schools in four waves over the 10 year contract period.
The first wave of nine schools worth £110 million will be completed by September 2012.
Carillion will also provide facilities management services for the three privately financed schools, worth approximately £25 million over the 25-year concession period.
The remaining waves will deliver the remaining schools with an estimated capital cost of £390 million.
Carillion chief executive John McDonough said: “This latest success further consolidates Carillion’s position as one of the UK’s leading suppliers to the Building Schools for the Future programme and brings the total value of the BSF projects that we have won or for which we are preferred bidder to over £1 billion.
“The major investment being made in Durham will provide the County with over 40 outstanding new schools. We look forward to building strong and successful relationships with Durham and its head teachers and their staff, in order to provide the facilities they need to deliver a first class learning experience for students.”
The scheme is part of the Government’s £45 billion Building Schools for the Future programme.