Atok-Big Wedge Company Inc., a company led by businessman Roberto Ongpin, plans to build a 500-megawatt wind power project in the Polillo Group of Islands off Quezon province that includes Balesin Island, which is owned by sister company Alphaland Corp.
The project will rise on a 750-hectare property in Patnanugan Island.
Atok said it is in talks with a major power company in China, but did not make further disclosures.
“The expansion into renewable energy is a significant step forward for AB, which is one of the oldest mining companies listed on the Philippine Stock Exchange Inc., having been incorporated in the early 1930s,” the firm said.
Atok owns Tidemark Corp., which in turn owns 20 percent of Forum Energy Plc., which has a 70-percent stake in Service Contract 72 covering the Recto Bank. Oil and gas exploration at SC 72 was put on hold over the territorial dispute with China.
“In expanding into renewable energy, the board of AB decided to participate in the climate change effort that the entire world is presently focusing on,” it said.
Atok was incorporated and registered with the Securities and Exchange Commission on Sept. 4, 1931.
The company produced gold as its major product and silver as a by-product. It changed its primary purpose in 1996 from mining to general investment, but later reverted to its original purpose of engaging in the exploration and development of mining, oil, gas and other natural resources in 2010.
It has two wholly-owned subsidiaries—AB Stock Transfers Corp., which establishes, operates and acts as a transfer agent and/or registrar of corporations, and Tidemark.