Mitsubishi Corporation Offshore WInd Ltd., (MCOW), through a consortium has been developing offshore wind projects in three areas off the coast of Japan (1) Noshiro City, Mitane Town, and Oga City (Akita Prefecture), (2) Yurihonjo City (Akita Prefecture), and (3) Choshi City (Chiba Prefecture).

As announced in February 2025, Mitsubishi Corporation has been reviewing the business plans for these projects due to unexpected changes in the business environment. As a result of the review, we have decided not to proceed with the development of the projects.

Since the selection as the operator of these projects in December 2021, in the wake of the pandemic and the Ukraine crisis, the business environment for offshore wind power has significantly changed worldwide due to factors such as inflation, the depreciation of the yen, tight supply chains, and rising interest rates.

To adapt to these unexpected changes, we have been pursuing various options including reassessment of revenue, costs, and the project schedule. However, after discussions among the partners, we have determined that establishing a viable business plan is not feasible given the current conditions.