According to Spanish financial daily Expansión, which cited multiple sources from the energy sector, the move by Qatar was in response to those from regional rival Abu Dhabi within the same sector in Europe.

At present, the Qatar Investment Authority held a stake of 8.7% in Iberdrola.

Analysts at Banco Sabadell said that Friday's news had been a source of speculation since the start of the month.

Hence, in their opinion "it wouldn't come as a surprise, if confirmed".