Offshore wind energy: withdrawal of Mitsubishi Corporation from three project areas in Japan

Mitsubishi Corporation announced on 27/08/2025 that it will not pursue the development of offshore wind projects in three areas off Japan for reasons of economic viability.

Mitsubishi Corporation had been selected as operator of the projects in December 2021. "In the wake of the pandemic and the Ukrainian crisis, the business environment for offshore wind has changed dramatically around the world, due in particular to tensions in supply chains, inflation, exchange rates and rising interest rates," says the group.

"In order to adapt to these unforeseen developments, we explored various options, including reassessing costs, project schedules and expected revenues. However, after discussions between the partners, we concluded that it was not possible, under the current conditions, to establish a viable business plan."

The majority of losses related to these projects have already been booked in previous years, and additional losses "should remain limited", according to the Japanese group.

" We continue to see renewable energy, including offshore wind, as an essential part of Japan's energy…