Mitsubishi Corp reviews 1.7 GW of offshore wind projects in Japan

Feb 3, 2025, 3:59:04 PM

Japan’s Mitsubishi Corp (TYO:8058) is reevaluating the business plans for three offshore wind power generation projects at home with a combined capacity of 1,742 MW amid ongoing challenges in the offshore wind industry.

Offshore wind park. Author: Tim Collins. License: Creative Commons, Attribution 2.0 Generic.

The move comes as a response to the material changes in the macroeconomic environment, the Japanese giant said today.

Inflation, a weakening yen, supply chain constraints, and rising interest rates are the main reasons behind this decision, adding to the challenges already brought by the Ukraine crisis and the pandemic.

"As a result of these unexpected changes, we are currently reviewing the business plans for these projects. We will consider the appropriate next steps after thoroughly examining the results of our review," Mitsubishi said.

The projects under review include the 494-MW Noshiro Mitane Oga and the 845-MW Yurihonjo offshore wind projects which will be located off the coast of Akira Prefecture, and the 403-MW Choshi scheme which should be implemented in the waters of Chiba Prefecture.

Mitsubishi is developing the trio through a consortium led by its subsidiary Mitsubishi Corporation Offshore Wind Ltd.