GE and Itochu tie up in renewable energy - Nikkei

TOKYO, June 3 (Reuters) - 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. (Editing by Chris Gallagher)