Endeavour Energy has been sold to a consortium led by Macquarie Group for $7.62 billion, the New South Wales government announced on Thursday.
Premier Gladys Berejiklian and Treasurer Dominic Perrottet announced the government’s poles and wires asset recycling program concluded with the successful lease of 50.4 per cent of Endeavour Energy to an Australian-led consortium, Advance Energy.
The consortium consists of Macquarie Infrastructure and Real Assets (30.16 per cent); AMP Capital on behalf of REST Industry Super (25 per cent); Canada’s British Columbia Investment Management Corporation (25 per cent); and the Qatar Investment Authority (19.84 per cent).
The NSW government will retain a 49.6 per cent interest in Endeavour Energy.
The 99-year lease of Endeavour Energy will bring in $7.62 billion and form part of the government’s $20 billion Rebuilding NSW fund, which includes the previously leased electricity networks.
“This is another outstanding outcome for NSW,” Premier Berejiklian said.
“We now have $20 billion secured to go towards the new schools, hospitals, roads, rail and cultural institutions across NSW – forever changing the face of the State.”
Mr Perrottet said the asset-recycling program had been instrumental in turning around the state’s economic performance.
“We have seen how successful our asset-recycling strategy has been in driving the State’s economic performance and in funding the infrastructure projects NSW has been crying out for,” Mr Perrottet said.
“Through initiatives like asset recycling and our strong financial management, we have catapulted NSW from the bottom of the national economic ladder right to the very top.”
Advance Energy has received all necessary regulatory clearances from the ACCC and the ATO and has been approved by the Federal Treasurer following advice from FIRB.