The sale of the Port of Melbourne begins today (Monday), and one of the nation's largest privatisations will reap the state government more than $6 billion to spend on major projects.

Funds from a sale – as a 50-year lease – and a "privatisation bonus" of about $1 billion from the federal government will create a massive war chest for the Andrews government in the lead up to the next state election.

Victorian Treasurer Tim Pallas launches the formal transaction process for the 50-year lease of the Port of Melbourne on Monday morning. Credit:Louise Kennerley

The money will be allocated to roads and infrastructure projects across the state, with the majority going towards Labor's election commitment to remove 50 level crossings.

Treasurer Tim Pallas will launch the formal transaction process for the 50-year lease of the port on Monday morning, calling for expressions of interest in the deal which will be finalised before the middle of next year.