GE and Itochu Form Wind Power Projects Tieup

GE, the largest U.S. conglomerate and a top maker of wind turbines, will bring Itochu into a wind farm in Oklahoma that GE is currently pursuing at a total cost of roughly $326 million.

The two firms also plan to cooperate in another large wind energy project in the United States. The agreement also covers geothermal energy and biomass power generation and is scheduled to initially last five years.

The U.S. wind energy industry has grown nearly 40 percent on average each of the past five years on new state demands for renewable energy sources, strong support from the federal government and the looming threat of carbon restrictions.

It has been a fast-growing business for GE, but Chief Executive Jeff Immelt has said he expects it to slow. GE is currently involved in patent disputes over wind turbines technology with Japan’s Mitsubishi Heavy Industry, which is also keen to tap U.S. wind power demand.