TOKYO :Japan’s Mitsubishi Corp will withdraw from three offshore domestic wind farm projects it won in 2021, after taking a financial hit earlier this year, it said on Wednesday.
Mitsubishi leads a consortia which won Japan’s first state-run wind auctions in 2021 to run the three projects. The farms have a projected capacity of 1.76 gigawatts and were expected to start operations in 2028-2030.
In February, Mitsubishi took a 52.2 billion yen ($354.31 million) impairment charge on its domestic offshore wind projects, citing “significantly changed” business environment as offshore wind projects globally are hit by cost overruns.
($1 = 147.3300 yen)
