Mitsubishi Corp. 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 Co. and Venti Japan Inc., 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.
AloJapan.com