DUBAI, United Arab Emirates — An arm of Qatar's sovereign wealth fund agreed Monday to buy more than 6 percent of Spanish power utility Iberdrola SA — the parent company of Rochester Gas and Electric Corp. — for just over $2.8 billion.

As part of the deal, Qatar Holding and Iberdrola said they would work together to develop new electricity-related business projects, mainly in emerging markets.

Qatar Holding will pay $2.82 billion for the stake, which will mostly come from new shares. It said the deal is part of its strategy of building a diverse portfolio of global businesses.

"In addition to a strong, stable European franchise, our investment in Iberdrola provides significant exposure to other important global markets including Brazil, Mexico and the United States of America," Qatar Holding managing director and CEO Ahmad Mohamed al-Sayed said in a statement.

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