Canadian pension fund manager CPP Investment Board (CPP IB) is preparing to buy a significant stake in ReNew Power, the Goldman Sachs-backed group that is among the fastest-growing developers in India.

CPP IB in a regulatory filing in India said it will take $200m in ReNew Power shares when the latter stages an initial public offering (IPO), a long-held ambition for the developer and its CEO Sumant Sinha.