CEMIG Plans to Invest in Clean Energy Projects Using Its Experience In HydroPower

Companhia Energética de Minas Gerais – CEMIG (NYSE:CIG) is one of the 9 Most Profitable Penny Stocks to Buy Right Now. On September 10, Reuters reported that Companhia Energética de Minas Gerais – CEMIG (NYSE:CIG) plans to invest in clean energy projects.

Cemig’s CEO, Reynaldo Passanezi Filho, told Reuters that the company plans to use its experience in hydropower to invest in clean energy technologies. Cemig is working on approximately a $7.4 billion (40 billion BRL) investment plan from 2025 through 2029. The goal is to focus on power distribution while gradually moving from network expansion to digitalization to enhance the consumer experience.

CEMIG Plans to Invest in Clean Energy Projects Using Its Experience In HydroPower

Cemig’s distribution business planning is already in progress, and the company is now focusing on sector innovations, especially energy storage technologies. The company will use its enormous accumulated knowledge in hydroelectric power to expand projects such as pumped storage plants and take part in power capacity auctions. The company is testing batteries connected to its distributed solar generation plants and is also pursuing a stake in non-strategic assets, including Taesa, gas distributor Gasmig, and the Belo Monte hydroelectric plant.

Since the announcement of the investment plan, CIG shares have soared by almost 2.68% as of September 16.

Companhia Energética de Minas Gerais – CEMIG (NYSE:CIG) is a Brazil-state-controlled electric utility firm that operates through its subsidiaries. The company is engaged in the generation, transmission, distribution, and sale of energy in Brazil.

While we acknowledge the potential of CIG to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than CIG and that has 100x upside potential, check out our report about this cheapest AI stock.

READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

Disclosure: None. This article is originally published at Insider Monkey.