Pay day for NSW infrastructure

A major milestone has been reached in the lease of the poles and wires as part of the NSW Government’s plan to unlock $20 billion for investment. 

The successful lease of high-voltage electricity transmission asset TransGrid was announced with the transaction to deliver gross proceeds of $10.258 billion.

Expressions of interest were also launched for the partial lease of Ausgrid, with the transaction expected to be completed by mid-2016.

The Government’s plan to lease 49 per cent of the State’s electricity networks will unlock $20 billion which will be invested into new roads, rail, hospitals and schools, new sports and cultural facilities, and vital water infrastructure for regional NSW.

The Property Council has long advocated for the use of funds from asset recycling to fund better infrastructure across Sydney. This included a radio advertising campaign in the lead up to the 2015 State election. 

The partial lease of the poles and wires will allow necessary infrastructure such as the second harbour rail crossing to become a reality.

Expressions of interest for Endeavour Energy, the third and final of the electricity assets to be leased, are expected to be launched in 2016.

To read our media release click here.