16:56 - 27.08.2025

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August 27, Fineko/abc.az. Japanese trading house Mitsubishi Corp. announced that it is withdrawing from offshore wind farm construction projects off the coasts of three regions of the country.

According to ABC.AZ, citing the Asahi Shimbun, the projects were located off two regions in Akita Prefecture and one in Chiba Prefecture.

The company cited supply chain bottlenecks, inflation, rising interest rates, and currency fluctuations as reasons. In February, the company reported impairment losses of 53.2 billion yen ($353 million) from these projects.

The government had selected Mitsubishi as their operator in December 2021. Initially, they were expected to start operations in 2028. The cancellation is expected to deal a serious blow to Japan’s energy policy, the newspaper noted. Offshore wind power is one of the key elements of Japan’s transition to renewable energy sources. The government will now need to choose a new operator for these projects.