Published: Thu, May 11, 2017
Money | By Armando Alvarado

NSW sells half of Endeavour for $7.6b

NSW sells half of Endeavour for $7.6b

Michael Cummings, head of funds at AMP Capital Infrastructure, said Advance Energy is committed to ensuring Endeavour Energy enhances its network to support growth.

"This is another outstanding outcome for NSW", Ms Berejiklian said.

A lease of 50.4 per cent of the network was confirmed by Premier Gladys Berejiklian and Treasurer Dominic Perrottet.

"You gave us your trust, you gave us our approval to proceed with these transactions ... and we don't take that trust lightly", Ms Berejiklian said.
We're a government who delivered on what we said we would and more.

The sales have generated another $10 billion in gross proceeds, used to pay off assets' debts.

The government successfully prosecuted the policy despite considerable community angst about private ownership.

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The money generated by the sales will secure funding for the Restart NSW infrastructure fund.

The proceeds will help fund major rail and roads projects such as the Sydney Metro and Westconnex, as well as new schools, hospitals, and arts or sports centres.

Bankers expected the majority stake to fetch at least A$4 billion ($2.94 billion).

She said that would allow the Government to spend more on infrastructure than the $20 billion it promised when it pitched the poles and wires privatisation to voters at the 2015 election.

Advance Energy, a consortium comprising Macquarie, AMP Capital, Qatar Investment Authority and British Columbia Investment Management Corporation, will manage Endeavour Energy's business, which supplies electricity to 2.4m people in Sydney and nearby regions.

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