Morgan Stanley subsidiary to buy PNE for €300m

PNE supervisory board chairman Per Hornung Pedersen said: “We welcome MISP’s offer and believe that it offers fair and equitable value to shareholders. In addition, the offer promises the company and its other stakeholders a long-term stable and positive perspective and leading position in a future market.”

MSIP executive director Christoph Oppenauer added: “We can provide significant additional know-how and financial backing to accelerate PNE’s strategic growth.

“We will be working with management to continue building a sustainable and competitive renewable energy platform, which will contribute towards achieving the renewable energy build-out targets of governments in PNE’s core markets.”

The deal is subject to standard anti-trust and foreign investment control approvals from the Federal Financial Supervisory Authority in Germany, and once MSIP owns more than 50% of the company it will have to delist PNE.

Morgan Stanley’s investment in PNE would reflect the company’s policy of providing $250bn for low-carbon financing by 2030.