（RTTNews） - Tuesday, Aluminum producer Alcoa, Inc. （AA: News ） and China Power Investment Corp. agreed to collaborate on a slew of aluminum and energy projects with a potential investment of about $7.5 billion over the coming years.
The Memorandum of Understanding between the two companies was signed in the presence of U.S. Secretary of Energy Steven Chu, Chinese Minister of Science and Technology Wan Gang, during the U.S. visit of the Chinese President Hu Jintao.
Alcoa said in a statement that the company along with CPI will work in China on developing clean energy projects such as wind and solar and state-of-the-art aluminum smelting operations.
China Power Investment Corp. is one of the five largest state-owned power producers in China. The organization is engaged in investment, construction, and management of power plants and power generation in China, and supplies about 10% of the Asian giant's electricity needs.
As per today's MoU, both parties will work on developing high-end aluminum industrial parks. Outside China, CPI and Alcoa will partner on a range of projects that span sectors such as mining, refining, smelting, and energy.
Pittsburgh, Pennsylvania-based Alcoa recently posted its best fourth-quarter profit since the recession set in. The company swung to a profit from a loss last year, helped by better prices, sustained momentum in most end markets, higher productivity.
During the quarter, Alcoa entered into a $1.9 billion financing deal involving its joint ventures with Saudi Arabian mining company Ma'aden. The deal calls for joint ventures Ma'aden Aluminum Co. and Ma'aden Rolling Co. to avail the loan to start the first fully integrated aluminum smelter and food-grade can-sheet rolling mill in the Middle East.
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