Mitsubishi Corporation is reviewing its business plans for several offshore wind projects in Japan due to significant changes in the macroeconomic environment, the company said. The review affects projects being developed in collaboration with its subsidiary, Mitsubishi Corporation Offshore Wind, across various locations, including Noshiro City, Mitane Town, and Oga City in Akita Prefecture, as well as Yurihonjo City and Choshi City.
The projects were selected in December 2021, and since then, Mitsubishi has been advancing its development efforts in partnership with several stakeholders. However, the company noted that the business environment has shifted dramatically due to factors including inflation, yen depreciation, supply chain disruptions, and rising interest rates—challenges exacerbated by the COVID-19 pandemic and the ongoing Ukraine crisis.
Mitsubishi acknowledged the “unexpected changes” in the market and stated it is now reviewing the business plans for its offshore wind initiatives. “We will consider the appropriate next steps after thoroughly examining the results of our review,” the company said in a statement.
Offshore wind power is considered a key energy source for Japan, where energy self-sufficiency is low. The government sees offshore wind as critical for ensuring a stable energy supply and reducing greenhouse gas emissions. Mitsubishi reiterated its commitment to contributing to a carbon-neutral society through the development of offshore wind power.
