Mitsubishi Corporation Halts Japan Offshore Wind Projects Amid Changing Market Conditions
Mitsubishi Corporation has decided to cease development of offshore wind projects in Japan due to adverse market conditions. This decision follows a comprehensive review of business plans amid rising inflation, supply chain issues, and fluctuating exchange rates.
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Mitsubishi Corporation (MC) is discontinuing offshore wind projects in Japan's Akita and Chiba Prefectures, initially launched in December 2021. The review, prompted by market disruptions including the pandemic and the Ukraine crisis, concluded that a viable business plan could not be established.
The consortium has already absorbed most losses related to this decision. MC continues to pursue renewable energy opportunities, including a floating offshore wind project in Portugal, where it holds a 20% stake in Windplus, S.A.
The WindFloat Atlantic Project aims to showcase floating wind technology, contributing to European renewable energy efforts. MC's future plans include increasing global power generation assets from 5 GW to 7.5 GW.
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