September 11 (Solar) – Australian utility AGL Energy Ltd (ASX:AGL) said on Tuesday it will no longer provide installation services for residential solar photovoltaic (PV) systems, deeming the business “non-core.”
As a result of the decision, the company will record a pre-tax loss of about AUD 47 million (USD 33.4m/EUR 28.8m) from the write-down of goodwill, systems investments and inventory, in addition to other business closure costs. AGL will still offer tailored solar plans to households and installation services for rooftop facilities, but through selected third parties only.
The loss will be recognised in the company’s second-half financial report.
(AUD 1.0 = USD 0.710/EUR 0.613)