Mitsubishi will withdraw from three offshore wind projects in Japan, according to a person familiar with the matter, in a blow to the fledgling industry as it grapples with slow progress and rising costs.
A consortium led by the trading house, which includes a unit of Chubu Electric Power and Venti Japan, will pull out of projects in Chiba and Akita prefectures, the person said, asking not to be identified because the information is private. In February, Mitsubishi announced it was reviewing business plans for the three projects due to a changing macroeconomic environment. It had won the rights to develop and operate the sites in 2021.
No decision has been made at this point, the company said in a statement on Wednesday in response to media reports that Mitsubishi was in the process of withdrawing from the wind projects. The trading house didn’t elaborate further on what other options it was considering.
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