Mike Baird’s government is set to rake in more than $16 billion, after successfully long-term leasing over half its stake in the state’s poles and wire assets.
With the profits from two electricity deals the government has begun eyeing off extra infrastructure projects for the state.
It was Australian companies IFM Investors and AustralianSuper who bought a majority share of electricity supplier Ausgrid on a long-term lease for more than $16 billion.
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After paying off around $10 billion worth of debts, net proceeds from the lease will be about $6 billion to spend on the future generation, according to the Premier.
As part of Mr Bird’s 2015 election promise to raise $20 billion, Ausgrid is the second electricity asset to be partially-privatised by the NSW government.
Part of Transgrid was sold in December for around $10 billion, with Endeavour Energy still on the market.