WASHINGTON — US aluminum giant Alcoa said Tuesday it had signed a deal with energy group China Power Investment Corporation for projects worth a possible $7.5 billion.
The cooperation agreement was signed in Washington just hours before Chinese President Hu Jintao arrives on a state visit.
Alcoa and CPI "will collaborate on a broad range of aluminum and energy projects representing more than $7.5 billion of potential investment over the coming years," the US firm said.
"This is an historic opportunity at a pivotal moment in US-China relations," Klaus Kleinfeld, Alcoa's chairman and chief executive added.
The agreement will see the two companies establish a "long-term relationship, sharing best practices and experiences in promising emerging economies."
US Secretary of Energy Steven Chu, Chinese Minister of Science and Technology Wan Gang presided over the signing ceremony.
CPI president Lu Qizhou said his firm was focused on developing "new and clean" energy sources.
"This MoU （memorandum of understanding） marks an important step for CPI to partner with Alcoa, a leading American company in its industry, to achieve mutually beneficial cooperation, which will bring a bright future for all of us," he said.
In China, Alcoa and CPI will boost their joint efforts in developing clean energy projects such as wind and solar and state-of-the-art aluminum smelting operations, Alcoa said.
Both parties also will work toward developing aluminum industrial parks and expand their trading relationship.
Outside China, CPI and Alcoa will explore potential projects including mining, refining, smelting and energy projects.
"Alcoa and CPI understand that the world's environmental challenges can best be met through cooperation between the US and China," Kleinfeld and Lu said in the statement, citing the agreement as an example.
Alcoa, a global leader in using hydroelectric power in the production of aluminum, highlighted that CPI has the most clean energy assets of any Chinese utility.
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