Premier Mike Baird says the NSW government has achieved from two electricity transactions roughly the proceeds it anticipated from three, with the part-privatisation of Endeavour Energy still to come.

On Thursday, Mr Baird and Treasurer Gladys Berejiklian announced two Australian pension funds will pay $16.189 billion for 50.4 per cent of Ausgrid on a 99-year lease after an unsolicited proposal to the NSW government.

After $10 billion of debt is repaid, net proceeds will be around $6 billion, Mr Baird said.

It follows the part-privatisation of electricity transmission company Transgrid in December for more than $10 billion for net proceeds of about $7 billion after debt.