Mitsubishi is reviewing the business plans for its Japanese offshore wind power generation projects due to material changes in the macroeconomic environment.
Mitsubishi, through a consortium led by subsidiary Mitsubishi Corporation Offshore Wind, is developing offshore wind projects in three Japanese sea areas of Noshiro City, Mitane Town and Oga City (Akita Prefecture), Yurihonjo City (Akita Prefecture) and Choshi City (Chiba Prefecture).
Since Mitsubishi’s selection as the operator of these projects, in December 2021, the company has made progress in its development activities in partnership and consultation with the various parties involved, it said.
“However, in the wake of the pandemic and the Ukraine crisis, the business environment for offshore wind power has significantly changed and is continuing to change worldwide due to factors such as inflation, the depreciation of the yen, tight supply chains, and rising interest rates,” stated Mitsubishi.
As a result of these “unexpected changes”, the company is reviewing the business plans for these projects.
“We will consider the appropriate next steps after thoroughly examining the results of our review,” Mitsubishi stated.
In Japan, where energy self-sufficiency is low, offshore wind power is an important power source to help provide a stable supply of energy and reduction of greenhouse gas emissions and Mitsubishi said it aims to contribute to the “realisation of a carbon-neutral society through its offshore wind power generation projects”.