GE and Itochu form renewable energy alliance, including geothermal
American General Electric and Japanese Itochu Corp. form alliance in renewable energy businesses, including wind, solar and geothermal infrastructure.
In joint news from the U.S. and Japan, it is said that “General Electric (GE.N) and Japanese trading house Itochu Corp (8001.T) have agreed to form an alliance in renewable energy businesses such as wind and solar power infrastructure, the Nikkei business daily reported.
The alliance will allow Itochu to make a full-fledged push into renewable energy projects while giving GE access to Itochu’s business network and capital as it looks to expand such operations outside the U.S. market, the Nikkei said.
As an initial step in the alliance, Itochu will join a wind power project in the U.S. state of Oklahoma being developed by GE at a total estimated cost of 30 billion yen, the Nikkei said.
GE Chief Executive Officer Jeffrey Immelt met in Japan with top Itochu officials to form the agreement, which will also include geothermal and biomass power generation and is scheduled to initially last five years.”
Itochu currently works on a project jointly with Medco, Ormat and Kyushu in Indonesia
Source: Reuters