Treasurer Mike Baird said the sale would allow the government to recycle the value of the asset on its balance sheet.
“Which means more money for critical road, school and hospital projects across NSW,” he said. “This is a good bid that will keep downward pressure on electricity prices and bring private sector investment into the business.”
The gross sale consists of $1.505 billion in proceeds from AGL Energy and cash of $220 million currently held by Macquarie Generation.
The sale is conditional on the Australian Competition and Consumer Commission not opposing the outcome, a is decision expected on 4 March 2014. If the sale progresses, the government expects completion by mid-April 2014. If the sale is opposed, the government will not sell Macquarie Generation at this time.