WestConnex Remaining Equity Sell Down


Prospective pipeline

Credibly proposed


Under procurement

Preferred bidder announced

Recently closed
WestConnex Remaining Equity Sell Down

Prospective pipeline

Greenfield (construction) or brownfield (government asset divestment) projects needed or likely to occur within the next five years, but is not formally proposed by a state, territory or major local government.

Credibly proposed

The project or divestment is supported by a state, territory or major local government, is subject to studies or other processes (such as pre-feasibility or scoping studies or business case development), and is likely to proceed to formal announcement.   


The project has a firm commitment and timeline from a state, territory or major local government, but has not yet entered the market.

Under procurement

The project or transaction is under procurement (such as a call for Expressions of Interest, requests for tender, or another offer to the market).

Preferred bidder announced

A preferred bidder has been selected and is in exclusive negotiations.

Recently closed

Projects that have progressed to contractual close remain on ANZIP for 12 months.

ANZIP is focused only on major infrastructure activity, above the following thresholds:


Construction projects: > AUD$300m

Investable greenfield & brownfield: > AUD$100m

New Zealand

All greenfield and brownfield projects and divestments: > NZD $100 million

STATUS: Prospective pipeline
TYPE: Brownfield

In August 2018, the NSW Government awarded Sydney Transport Partners (STP) consortium a 51 per cent ownership stake in Sydney Motorway Corporation (SMC), which was the NSW Government-owned entity established to deliver WestConnex. The transaction delivered $9.3 billion in revenue for the Government, of which $7 billion was used as seed funding for the NSW Generations Fund (NGF), the state’s sovereign wealth fund.

In March 2020, NSW Government announced a scoping study to assess the future ownership of the State's remaining 49 per cent ownership in WestConnex. The study would examine whether retaining the Government’s current stake, or raising further capital for new infrastructure funding through divestment of its WestConnex equity, would be more beneficial.

The Government is set to appoint an advisor for the potential WestConnex divestment, with a report expected in the second half of 2020.

Further Information

SMC consists of three wholly-owned entities to deliver each stage of the three stages of WestConnex. Each entity is responsible for:

  • holding the long-term toll concession for each stage
  • delivering the works packages of each component, and
  • raising limited-recourse debt to supplement equity investment to finance construction.


WestConnex comprises three major corridors:

  • Stage one – widening and extension of the M4 Motorway,
  • Stage two – an extension of the M5 Motorway to St Peters, and
  • Stage three – a new M4-M5 link between Haberfield and St Peters.


The $16.8 billion WestConnex project was funded through a combination of Federal Government and NSW Government contributions and a distance-based toll. The Federal Government has also contributed financing of $2 billion in the form of a concessional loan.

Stage 1 of the project was completed in July 2019, Stage 2 is due by 2020, and Stage 3 by the mid-2020s.

Last reviewed: 13/03/2020

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Government sponsors


Supporting agencies