The states agreed to spend the proceeds on other infrastructure projects under the deal, which must be approved by the federal and Victorian parliament before it takes effect, a statement from the federal government said.
The states will get $6 billion for it, $4.1 billion of that will go to NSW.
New South Wales' 58 percent stake will be bought for 4.1 billion Australian dollars (3.18 billion US dollars) and Victoria will receive two billion Australian dollars (1.55 billion USA dollars) for its 29 percent.
The Australian Government will provide an assurance that Snowy Hydro will continue to be in public ownership, and employment levels and existing head office locations will not change.
The Snowy Mountains Scheme is a hydroelectricity and irrigation scheme consisting of 16 dams, seven power stations and two pumping stations in New South Wales and Victoria.
Australia's federal government said on Friday it had purchased hydroelectric assets from the states of Victoria and New South Wales for A$6.2 billion (4.8 billion), under a national scheme to expand hydro generation.
Announcing the acquisition, the Prime Minister said: "The historic agreement will generate more reliable energy, cheaper electricity, better infrastructure and more jobs for NSW and Victoria".
The agreement paves the way for the Snowy 2.0 pumped hydro project to proceed to a final investment decision by the independent Snowy Hydro board. It clears the way for Turnbull's Snowy Hydro 2.0 plan to spend $2 billion to increase the capacity of the renewable energy scheme by almost 50%, increasing the current generation capacity of 5,500 MW by 2000 MW using pumped hydro. There is a "broad commitment" that the money will be spent on "productive infrastructure projects".
The transaction will not affect allocations of GST for NSW or Victoria.
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