Non-binding offers for German renewables developer PNE are expected later this month, according to seven sources familiar with the process.

Bids for the Frankfurt-listed company are due before the end of the month, the sources said, with one specifying 22 June as the deadline for submissions.

EQT Infrastructure and Macquarie Asset Management are among the bidders preparing offers, with North American interest strong, reflecting the ownership of PNE’s largest shareholder, Morgan Stanley Infrastructure Partners (MSIP), the sources said.

Canada’s CPP Investments is preparing a bid, according to one source, while US-based Stonepeak and Blackstone were both spending time on the process, according to another source.

Several of the sources said bids for PNE had been expected earlier this year, but the process had taken longer than expected.

One of the sources said that there is less complexity around the sale of PNE now than when MSIP acquired its stake in the business in 2020, with the intention of squeezing out minority shareholders and de-listing the company.

The shareholders are now aligned on their intention to sell, making a privatization far more achievable, this source added.

MSIP owns 50.06% stake, having initially bought 40% through its North Haven Infrastructure Partners III fund, according to Infralogic data.

Sellside advisor Goldman Sachs launched PNE’s sale earlier this year with the renewables business also advised by law firm Sullivan & Cromwell.

Larger shareholders controlling around 80% of PNE, which owns 497 MW of operational onshore wind farms and has a more than 21.8 GW pipeline of solar and onshore wind, are willing to sell.

Along with MSIP other larger shareholders include Luxembourg-based investment firm Active Ownership and London-based hedge fund manager Samson Rock Capital, which hold 12.5% and 9.92% of shares respectively, while roughly 20% of shares are free float.

PNE’s shares closed at EUR 10.68 on Thursday, which is up from levels below EUR 8 in March, giving the company a market capitalisation of around EUR 820m. Last month it reported EBITDA of EUR 17.9m for the first quarter of 2026, on revenue of EUR 56.2m and reiterated its prediction of  EBITDA of EUR 110m to EUR 140m for the full year.

MSIP, Macquarie, Blackstone, Stonepeak, EQT and Active Ownership declined to comment. PNE, Goldman Sachs, CPP Investments, Sullivan & Cromwell and Samson Rock did not respond to requests for comment.