Reuters has reported that three Qatari state-backed entities, Qatar Holding, Qatar Petroleum International (QPI) and Qatar Electricity and Water Company (QEWC), are setting up a $1 billion fund to invest in overseas energy infrastructure assets. Its initial capital will be $1 billion.

The fund will invest outside Qatar "in the fields of power generation, water desalination and treatment, heating and cooling systems, provision of fuel as well as fuel loading and unloading equipment," QEWC said in the statement.

The new company, to be called Nebras Power and will be 60 percent owned by QEWC, with 20 percent held by QPI and 20 percent by Qatar Holding, a separate statement issued later on Monday said. Nebras will invest in power and water projects in countries with as much as 8 percent growth in electricity demand a year, mainly in the Middle East and East Asia. Projects will include both greenfield and existing projects.

Qatar Electricity will retain sole ownership of its current assets abroad.