Listed firm Atok-Big Wedge Co. Inc. said it will expand investments into renewable energy with its first venture setto be a 500 megawatts (MW) wind power project on a 750-hectare property in Patnanungan Island.
The island is located 22 nautical miles from Balesin Island in Quezon provinceand is owned by Atok-Big’s sister company Alphaland Corp.
“The expansion into renewable energy is a significant step forward for Atok-Big, which is one of the oldest mining companies listed on the Philippine Stock Exchange, having been incorporated in the early 1930s. In expanding into renewable energy, the board of the company has decided to participate in the climate change effort that the entire world is presently focusing on,” the company said in a disclosure to the Philippine Stock Exchange.
Likewise, the company said it is already in discussion with a major power company from China in the development of the wind project.
