TOKYO, August 27, 2025 - (JCN Newswire) - Mitsubishi Corporation (MC), through a consortium led by our subsidiary Mitsubishi Corporation Offshore Wind Ltd., has been developing offshore wind projects in three areas off the coast of Japan (1) Noshiro City, Mitane Town, and Oga City (Akita Prefecture), (2) Yurihonjo City (Akita Prefecture), and (3) Choshi City (Chiba Prefecture).
As announced in February 2025, MC has been reviewing the business plans for these projects due to unexpected changes in the business environment. As a result of the review, we have decided not to proceed with the development of the projects.
Since MC’s selection as the operator of these projects in December 2021, in the wake of the pandemic and the Ukraine crisis, the business environment for offshore wind power has significantly changed worldwide due to factors such as tight supply chains, inflation, exchange rates, and rising interest rates.
To adapt to these unexpected changes, we have been pursuing various options including reassessment of costs, project schedule, and revenue. However, after discussions among the partners, we have determined that establishing a viable business plan is not feasible given the current conditions.
The majority of the losses related to this matter have already been accounted for in prior years, and any additional losses are expected to be limited.
We continue to recognize renewable energy, including offshore wind power, as an essential element of Japan's energy mix. We remain committed to working toward the realization of a decarbonized society while closely monitoring the business environment.
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Mitsubishi Corporation
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