Iberdrola, a Spanish utility company announced on Monday that more than 6% of its shares would be purchased by Qatar’s sovereign wealth fund at a price of €5.63 each, which is below Iberdrola’s last final price of €5.96.

The 338 million shares will be sold for a total cost of €2.02 billion because Iberdrola needs an extra €3 billion for the year to buy out minority investors in Iberdrola Renovables and complete its €1.7 billion investment plans in Brazil where it will buy Elektro.

According to Iberdrola, selling the shares to the fund in Qatar would limit the amount of money it needs to borrow in order to complete its plans with Elektro, and as part of the agreement, they will now be able to set up a headquarters in Qatar.

Iberdrola Chairman and CEO Ignacio Galán said the business partnership with Qatar Holding “represents the first step of a longer-term relationship that will support each other’s future development”. When the deal is complete, Qatar Holding will own precisely 6.2% of the Spanish company’s stocks. In Madrid, shares of Iberdrola went up by 2.6%.