NEW YORK Jan 18 （Reuters） - Aluminum maker Alcoa Inc （AA.N: Quote） and the China Power Investment Corp （CPI） signed a memorandum of understanding to collaborate on new projects that could mean billions of dollars in new spending.
In a release timed to coincide with Chinese President Hu Jintao's visit to the United States, the two companies signed the agreement in Washington, D.C., to cooperate in China and other markets.
Spending under the agreement could reach more than $7.5 billion, the companies said in a release on Tuesday, although they declined to list any specific projects.
A spokesman for Alcoa said the agreement was for a "long-range cooperation to look at a range of projects," but did not list any specific plans.
CPI is one of five major power generators in China, owning about 70 gigawatts of power generation, and is China's second largest aluminum producer.
Alcoa's shares briefly moved higher on the news, but quickly returned to $16.25, up 28 cents, or 1.8 percent on the New York Stock Exchange. （Reporting by Matt Daily, editing by Maureen Bavdek）
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