Completion of National Assets sale and closure of residential solar installation operations

AGL Energy Limited today announced it will recognise two Significant Items in its financial statements for the six months ending 31 December 2018:

  • A pre-tax gain of approximately $52 million from the sale of the portfolio of small generation and compressed natural gas refuelling assets, known to AGL as the National Assets, to Sustainable Energy Infrastructure, a consortium led by Whitehelm Capital. The transaction, which AGL originally announced on 23 April 2018, has now closed.
  • A pre-tax loss of approximately $(47) million from the write-down of goodwill, systems investments and inventory, plus other business closure costs, following the decision to exit the company‚Äôs proprietary residential solar installation operations, which are deemed non-core. AGL will continue to offer tailored residential solar plans and residential solar installation services to customers through strategic third-party partnerships.

About AGL

AGL is committed to helping shape a sustainable energy future for Australia. We operate the country’s largest electricity generation portfolio, we’re its largest ASX-listed investor in renewable energy, and we have 3.6 million customer accounts. Proudly Australian, with more than 180 years of experience, we have a responsibility to provide sustainable, secure and affordable energy for our customers. Our aim is to prosper in a carbon-constrained world and build customer advocacy as our industry transforms. That’s why we have committed to exiting our coal-fired generation by 2050 and why we will continue to develop innovative solutions for our customers.