Finance and investment

Sydney Motorway Corporation’s financing strategy for WestConnex is based on a limited-recourse project financing and sale-of-business model.

This innovative financing model includes an initial contribution from the NSW and Australian governments, with private sector debt and tolling revenue providing the remaining funding for the project.

Government equity can be sold down to fund upcoming projects, effectively recycling the NSW Government’s investment.

Financing the M4-M5 Link

In May 2017, the NSW Government announced it would divest a majority stake in Sydney Motorway Corporation to fund construction of the M4-M5 Link.


Financing the New M4

Sydney Motorway Corporation established a $1.7 billion non-recourse senior debt facility for WestConnex M4 Widening and M4 East on 23 November 2016.

The financing approach supports a broader capital recycling strategy – delivering on a NSW Government priority for financing and providing a funding source for later stages of WestConnex.


Financing the New M5

Sydney Motorway Corporation achieved financial close on $1.5 billion private sector debt for WestConnex New M5 on 20 November 2015.

The New M5 financing strategy demonstrated a breakthrough in public private partnerships and set a precedent in infrastructure financing. It was the first major road project to receive concessional loan funding from the Australian Government, which enabled Sydney Motorway Corporation to lock in long term finance and effectively manage risk.



Sydney Motorway Corporation’s consolidated audited financial statements are contained in the annual Directors’ Report and Financial Statements.