Mitsubishi reviews Japan offshore Wind Projects amid Market Shifts

Mitsubishi Corp announced on Monday it would review its plans for the development of offshore wind in Japan. The company cited a "significantly altered" business climate, which included inflation and a stronger yen.

The Japanese trading house has selected consortiums to operate three offshore projects between 2028 and 2030 in Akita Prefecture, in the north of the country, and Chiba Prefecture, east of Tokyo. These projects have a total capacity of 1,76 gigawatts and are expected to start up in 2028 or 2030.

Mitsubishi issued a statement in which it said, "We will carefully examine the results of our review and consider the next steps," without giving any other details.

Chubu Electric Power Co., whose C-Tech unit partners with Mitsubishi on all three projects awarded in 2021, announced Monday that they were re-evaluating their offshore wind projects and exploring ways to increase profitability.

Chubu Electric, in addition to its partnership, is also involved in other offshore wind projects, including two that are operational with Marubeni in Akita Prefecture.

(source: Reuters)