Overview

• Mitsubishi confirmed on Wednesday that it will not proceed with three offshore wind projects after a review found no viable business plan under current market conditions.
• The canceled sites total about 1.76 GW across Akita and Chiba prefectures, including Yurihonjo (819 MW), Noshiro Mitane Oga (478.8 MW), and Choshi (390.6 MW), which had targeted 2028–2030 operations.
• The company cited tight supply chains, inflation, yen depreciation, and higher interest rates, with CEO Katsuya Nakanishi saying projected costs more than doubled versus bidding assumptions.
• Japan will retain ¥20 billion in deposits, bar the Mitsubishi-led groups from the next auction, plan to re-auction the sites pending local consent, and review auction rules including potential longer operating periods.
• Mitsubishi previously booked a ¥52.2 billion charge on the projects and partner Chubu Electric expects about ¥17 billion in losses, while the government reaffirmed targets of 10 GW by 2030 and 45 GW by 2040.