The NSW Government will invest all proceeds of the Snowy Hydro transaction into regional NSW.
NSW will benefit from investment in rural and regional infrastructure projects, as well as increased capacity from the Snowy Hydro, following the government’s transfer of its 58 per cent share to the Commonwealth.
Deputy Premier and Minister for Regional NSW John Barilaro said the agreement would boost infrastructure and jobs in the bush. The $4.154 billion investment also has the potential to deliver transformational projects in regional and remote areas.
“These are precious funds, and every dollar we invest will be an important legacy for those men and women who contributed to the Snowy all those years ago. Now successive generations of people living and working in rural and regional NSW will benefit,” Mr Barilaro said.
The transaction is part of the government’s asset recycling strategy and exit from electricity generation overall.
The NSW Government is investing $24.4 billion in infrastructure in rural and regional NSW over the next four years.