Energy
Mitsubishi Reviews Japanese Offshore Wind After Economic Changes
- Business environment for sector has ‘significantly changed’
- Higher costs upended investment plans for developers globally
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Mitsubishi Corp. is reviewing business plans for three Japanese offshore wind power projects following macroeconomic changes, including the depreciation of the yen, rising interest rates and tight supply chains.
The business environment for offshore wind power has “significantly changed and is continuing to change worldwide” in the wake of the Covid-19 pandemic and Russia’s war in Ukraine, according to a statement on Monday. Mitsubishi is developing the projects as part of a consortium through its subsidiary.