{"id":13043,"date":"2021-09-20T18:38:04","date_gmt":"2021-09-20T18:38:04","guid":{"rendered":"http:\/\/www.16news.com.au\/?p=13043"},"modified":"2021-09-20T18:38:04","modified_gmt":"2021-09-20T18:38:04","slug":"westconnex-sale-generates-more-than-11-billion-for-nsw","status":"publish","type":"post","link":"http:\/\/www.16news.com.au\/index.php\/2021\/09\/20\/westconnex-sale-generates-more-than-11-billion-for-nsw\/","title":{"rendered":"WestConnex sale generates more than $11 billion for NSW"},"content":{"rendered":"

NSW Treasurer Dominic Perrottet today announced the transaction of the State\u2019s remaining 49 per cent stake in WestConnex has been finalised.
\nThe Government announced Sydney Transport Partners (STP) was the successful bidder with $11.1 billion in sale proceeds for the two 24.5 per cent stakes in WestConnex.
\nThe Government has now received $20.4 billion from the sale of the entire WestConnex project.
\n\u201cThis transaction continues our successful asset recycling strategy, which has been the cornerstone of our record $108.5 billion infrastructure pipeline that has built and upgraded schools, hospitals, road and rail across the State,\u201d Mr Perrottet said.
\n\u201cThis sale is part of our prudent, long-term strategy to bolster the State\u2019s finances, while also supporting the NSW economy by investing in job creating projects that will drive our COVID economic recovery.\u201d
\nThe Government launched the sale process for its remaining 49 per cent stake in WestConnex in November 2020.
\nThe sale was structured as a two-tranche process to maximise competition and achieve the best result for the people of NSW.
\nNet proceeds from the sale will be invested in the NSW Generations Fund (NGF) \u2013 the State\u2019s sovereign wealth fund – as required by legislation \u2013 before being used to retire an equivalent amount of debt.
\nWestConnex is Australia\u2019s largest toll road project and when complete will enable motorists to travel over 50 kilometres from Penrith to the city without hitting a single traffic light. Before the road was constructed motorists could face a trip of up to two hours from Penrith to the Sydney CBD.
\nIn 2018 STP purchased a 51 per cent stake in WestConnex for $9.26 billion.
\nThis money was used to fund the vital M4-M5 Link – the final stage of WestConnex as well as other infrastructure throughout Western Sydney.
\n\u201cLabor opposed building WestConnex but we have already seen this vital artery slash travel times for tens of thousands of motorists,\u201d Mr Perrottet said.
\n\u201cAdditionally the project has created tens of thousands of jobs while transforming Sydney\u2019s road network and through our asset recycling approach has allowed us to invest billions back into the State\u2019s future.\u201d
\nKey WestConnex highlights include:<\/strong><\/p>\n