Mitsubishi Corporation Reviews its Japanese Offshore Wind Power Generation Projects

Mitsubishi Corporation (MC) is reviewing the business plans for our Japanese offshore wind power generation projects due to material changes in the macroeconomic environment. MC, through a consortium led by our subsidiary Mitsubishi Corporation Offshore Wind Ltd., is developing offshore wind projects in three Japanese sea areas: (1) Noshiro City, Mitane Town and Oga City (Akita Prefecture), (2) Yurihonjo City (Akita Prefecture) and (3) Choshi City (Chiba Prefecture).

Since MC’s selection as the operator of these projects in December 2021, we have made progress in our development activities in partnership and consultation with the various parties involved. 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.

As a result of these unexpected changes, we are currently reviewing the business plans for these projects. We will consider the appropriate next steps after thoroughly examining the results of our review.

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 GHG. MC aims to contribute to the realization of a carbon-neutral society through its offshore wind power generation projects.