Overview

• Mitsubishi said it is evaluating all options, including withdrawing from the projects, and that no decision has been made.
• The three offshore wind farms, won in 2021 auctions, are off Akita and Chiba and were slated to start operations between 2028 and 2030.
• The company recorded a 52.2 billion yen charge on the ventures earlier this year as it reassessed feasibility.
• Mitsubishi has pointed to higher equipment and fuel costs and rising interest rates linked to Russia’s war in Ukraine as key pressures.
• Japan targets 10 GW of offshore wind by 2030 and 45 GW by 2040, with about 288 MW currently operating and other auction winners including RWE, Iberdrola and BP.