Morgan Stanley appointed Goldman Sachs to explore the sale of its 50.06% stake in PNE, a German renewable energy developer valued at €1.09bn, according to Reuters.

The move could lead to a full takeover of the listed company, triggering mandatory offer rules under German stock market law.
Goldman Sachs has begun engaging with potential private equity buyers to test market appetite for the stake, currently worth around €543m. A formal sale process is expected to launch later this year, with a transaction potentially taking place in the autumn. Discussions remain in the early stages and a deal is not guaranteed.

This marks Morgan Stanley’s renewed effort to exit its position in PNE, following a previous attempt in early 2023 that failed to result in a transaction. EQT and Engie were reportedly among the interested parties at that time.

PNE has become an increasingly attractive target amid the global clean energy transition. The company’s share price has more than tripled since Morgan Stanley acquired its position at €4.00 per share in 2020, now trading at €14.16. Year-to-date, the stock is up 28%.

The company posted a 73% increase in EBITDA for 2024, reaching €69m. PNE forecasts further growth, projecting up to €110m in 2025 and as much as €140m by 2027. Its project pipeline totals 18.9 GW across wind and solar developments.