Company to invest $1bn in Brazilian electricity projects in 2012

Brazil-based Cemig (NYSE: CIG) said it will invest 2.16 billion reais ($1.18 billion) in new electricity projects in 2012, according to Business News Americas. The figure is a 251 percent increase from the previous year and includes a $1.06 billion outlay on new distribution projects.

The company said it will also invest $75.5 million in transmission and $46.5 million in generation initiatives in 2012, and has already committed to investing $563.8 billion in 2013 and $98.6 million in 2014.

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