AGL has announced it will exit its rooftop solar business, incurring a $47 million loss in the process as a result of writedowns and closure costs.
In a statement to the ASX on Tuesday the energy producer said it will continue to offer plans and installation for rooftop systems through third-party partnerships.
AGL also announced it had closed the sale of its portfolio of 18 small generation operations, which include landfill gas, biogas and biomass generation, and cogeneration plants, at a $52 million pre- tax gain that will be recognised in its half-year results.
The trimming of both businesses is in line with the energy producer’s strategy of divesting non-core assets.
AGL is also still searching for a new chief executive officer to replace Andy Vesey, who surprised many when he stood down last month after four years in the role.
An AGL spokesman said there was no timeline to replace former chief executive and the search for a replacement will take as long as it needs to.
AGL will face investors at its annual general meeting in Melbourne on September 26.
Mr Vesey remains at the company in an advisory capacity to the board until December 31, while chief financial officer Brett Redman has taken over as interim chief executive.