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The Associated Press March 14, 2011, 6:54AM ET

Qatar pays $2.8 billion for Spanish power stake

An arm of Qatar's sovereign wealth fund is buying more than 6 percent of Spanish power utility Iberdrola for just over 2 billion euros.

The companies said on Monday that Qatar Holding will pay 2.02 billion ($2.82 billion) for the stake, which will mostly come from nearly issued shares.

The companies also agreed to work together to develop new electricity-related business projects, mainly in fast growing and emerging markets.

Qatar Holding last year agreed to pay up to $2.7 billion for a 5 percent stake in the Brazilian arm of Spain's Banco Santander. The firm is the main investment arm of the energy-rich Gulf state's Qatar Investment Authority sovereign wealth fund.

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