The New South Wales parliament passed legislation on 30 May 2012 enabling the sale to the private sector of the remaining government-owned generation assets, including sites with planning approval for future generation. The sale initiative is driven by a desire of the NSW Government to fund infrastructure projects, with proceeds of the sale committed to the ‘Restart NSW Fund’ dedicated to a to-do list of major infrastructure investments.
On 15 November, the NSW Treasurer formally announced that the NSW Government is proceeding with the sales process. This announcement follows the preparation of Scoping Studies by Goldman Sachs (generation assets) and Citigroup (Cobbora coal assets), who were appointed as financial advisors in early July for the purposes of the Scoping Studies, and includes a loose timetable for conducting the asset sales.
The announcement does not reveal any specific plans to bundle assets or restructure state-owned corporations, which the Treasurer has the power to do under enabling legislation. We expect these options will be explored in response to bidder interest as investors work through the lengthy menu set out below.
Click here to view timetable.