Mitsubishi Corporation has announced it will withdraw from three Japanese offshore wind power projects. Mitsubishi Corporation, through a consortium led by its subsidiary Mitsubishi Corporation Offshore Wind Ltd., has been developing offshore wind projects in three areas off the coast of Japan: Noshiro City, Mitane Town, and Oga City (Akita Prefecture); Yurihonjo City (Akita Prefecture); and Choshi City (Chiba Prefecture). The consortium won the first state auctions for the three wind farms in Chiba and Akita prefectures in 2021.
As announced in February 2025, Mitsubishi Corporation has reviewed the business plans for these projects due to unexpected changes in the business environment and has decided not to proceed with their development. In a statement, Mitsubishi said the global business environment for offshore wind has changed significantly due to tighter supply chains, accelerating inflation, and volatile interest rates.
The company pursued various options, including reassessing costs, project schedules, and revenue. However, after discussions among the partners, it determined that establishing a viable business plan is not feasible under current conditions.
Mitsubishi Corporation said the majority of related losses have already been accounted for in prior years, and any additional losses are expected to be limited. The projects had a combined projected capacity of 1.76 gigawatt and were scheduled to begin operations between 2028 and 2030.
