Qatar topped the Middle East and North Africa in the World Economic Forum’s [WEF] latest Fostering Effective Energy Transition 2021 report, an indicator of the Gulf state’s readiness to transition to sustainable energy systems.

Qatar Investment Authority has bought some $740 million in shares at renewable energy provider Avangrid, acquiring up to 3.7% of its common stock.

The deal comes as Avangrid announced plans to sell shares worth $4,000 million to both the Qatar Investment Authority [QIA] and Spanish Iberdrola Group, for $51.40 million each.

Iberdola is the largest shareholder of the US-based renewable energy firm and is purchasing $3.26 million in shares.

“We are delighted to strengthen our strategic partnership with Iberdrola through our investment in Avangrid. We share a common vision with Iberdrola for a low-carbon future. Avangrid is a high-quality utility and a leader in renewables in the U.S. market, with strong growth potential,” said Chief Executive Officer of QIA Mansoor Al-Mahmoud said in a press release seen by Doha News.

He added that QIA’s investment is part of its strategy to increase its US portfolio and its “commitment to support decarbonisation through environmental and social impact investments”.

In another major deal by QIA, the Qatari sovereign wealth fund purchased 16% of the 53 million shares offered by Siemens Healthineers in March, which managed to raise $2.8 billion.

Read also: Qatar Petroleum launches major ‘sustainability strategy’ to fight global warming

Last year, Qatar also announced plans to install the world’s largest solar-powered electric charging station in Lusail City.