Mitsubishi Corp ‘reviewing’ Japanese offshore wind projects

The company said the review was required because of what it described as “material changes in the macroeconomic environment.

Mitsubishi Corp, through a consortium led by its subsidiary Mitsubishi Corporation Offshore Wind Ltd, is developing offshore wind projects in three sea areas: Noshiro City, Mitane Town and Oga City in Akita Prefecture; Yurihonjo City, also in Akita Prefecture; and Choshi City in Chiba Prefecture.

In a statement, the company said that, since it was selected as the operator of the projects in December 2021, it has made progress with development activity, in partnership and consultation with the parties involved.

“However,” said Mitsubishi Corp, “in the wake of the pandemic and the Ukraine crisis, the business environment for offshore wind has significantly changed and is continuing to change, due to factors such as inflation, the depreciation of the yen, tight supply chains and rising interest rates.

“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.”

The company noted that, in Japan, offshore wind “is an important power source to help provide a stable supply of energy and a reduction of greenhouse gases.”