Mitsubishi Corporation has been reviewing the business plans for three offshore wind farms located off the coast of Japan. As a result of the review, first announced in February 2025, the company has decided not to proceed with the development of the projects, saying that the projects have been cancelled ‘due to unexpected changes in the business environment.’
Mitsubishi Corp Offshore WInd Ltd (MCOW) has, through a consortium, been developing offshore wind projects off three areas, firstly Noshiro City, Mitane Town, and Oga City (Akita Prefecture), second Yurihonjo City (Akita Prefecture), and third Choshi City (Chiba Prefecture).
Since the selection as the operator of these projects in December 2021, in the wake of the Covid pandemic and the Ukraine crisis the business environment for offshore wind power has significantly changed around the world owing to factors such as inflation, the depreciation of the yen, tight supply chains, and rising interest rates.
To adapt to these unexpected changes, Mitsubishi has been pursuing various options including reassessment of revenue, costs, and the project schedule. However, after discussions among the partners, it has determined that establishing a viable business plan is not feasible given the current conditions.
