The Hon. ADAM SEARLE: My question is directed to the Minister for Finance and Services. When did the privatisation of the Sydney Desalination Plant go from being a 99-year lease to a 50-year lease with an almost certain transfer of the asset at the end of this period? Were all bidders afforded the opportunity to bid on this basis?

The Hon. GREG PEARCE: I acknowledge the interest of the Deputy Leader of the Opposition in this important transaction. Incidentally, this transaction was one in which great value was realised for the people of New South Wales. In excess of about $300 million has been made available, in addition to repaying the debt, to go towards much-needed infrastructure. That is unlike the performance of members opposite, particularly in relation to the electricity industry where they managed to destroy about $5 billion of value for the people of New South Wales. Thank you, Eric. Last week the Treasurer announced that the Government had successfully refinanced the Sydney Desalination Plant for $2.3 billion. As I said, it is an excellent result that is well above book value for the plant.

Of the $2.3 billion achieved, $300 million will be directly invested in Restart NSW, which is the New South Wales Government's Infrastructure Fund. A further $1.8 billion will be used to repay debt held against the plant. This enables the State to raise up to $1.8 billion in new debt to fund infrastructure without affecting the State's credit rating. The refinancing is a great achievement as it unlocks both cash and debt-raising capacity which can be used for priority infrastructure projects across New South Wales such as roads, schools and hospitals. The refinancing involves a 50-year lease of the desalination plant from the Government to a private sector consortium comprising Ontario Teachers' Pension Plan Board, Hastings Managed Infrastructure Funds Utilities Trust of Australia and the Infrastructure Fund.

The consortium will own the Sydney Desalination Plant Pty Limited and lease its assets from the Government. This consortium was selected following a highly competitive bidding process which attracted unprecedented interest from a broad range of national and global players. It is a fantastic outcome for the people of New South Wales and it is a great achievement, unlike the work of the previous Government. I am just looking at my notes to see whether I have the answer to the question asked by the Leader of the Opposition relating to advisers. From memory it was Goldman Sachs and King and Wood Mallesons, but I will have to confirm that detail.

The Hon. ADAM SEARLE: Mr President—

The PRESIDENT: Order! Does the Hon. Adam Searle wish to ask a supplementary question?

The Hon. ADAM SEARLE: Yes, Mr President.

The PRESIDENT: I remind members that if they wish to ask a supplementary question they should seek the call by saying, "Supplementary question."

The Hon. ADAM SEARLE: Thank you, Mr President. I ask a supplementary question. Will the Minister elucidate his answer?

The Hon. GREG PEARCE: I will because I now have the information available to me. The advisers were Goldman Sachs, King and Wood Mallesons and KPMG.