The NSW government has celebrated the long-term lease of just over half its stake in the state's poles and wires assets, which is set to rake in more than $16 billion.
The government has begun eyeing off extra infrastructure projects after pocketing from two electricity deals what it expected to earn from three.
Australian companies IFM Investors and AustralianSuper have bought a majority share of electricity supplier Ausgrid for more than $16 billion on a long-term lease through an unsolicited bid.
After $10 billion worth of debts are repaid, net proceeds from the transaction will be about $6 billion, NSW Premier Mike Baird says.
Mr Baird said the "outstanding" result far exceeded expectations.
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"On every single criteria this is a win, win, win for the people of this state, for the members of the super fund, and ultimately, I believe strongly, for this economy," Mr Baird said.
"On the back of today we are underwriting for the future generation rail, roads, schools and hospitals."
It is the second electricity asset to be partially-privatised by the NSW government, as part of Mr Baird's 2015 election promise to raise $20 billion by selling off half the state's poles and wires.
A large chunk of Transgrid was sold off in December for roughly $10 billion, with Endeavour Energy still up for grabs.
