Mitsubishi Halts Offshore Wind Projects in Japan

30 Aug 2025 CW Team

Mitsubishi Corporation (MC) has announced its decision to withdraw from three major offshore wind projects off the coast of Japan due to a significant shift in global business conditions. The projects were being developed through a consortium led by its subsidiary, Mitsubishi Corporation Offshore Wind Ltd., and were located off the shores of Noshiro City, Mitane Town, and Oga City in Akita Prefecture; Yurihonjo City in Akita Prefecture; and Choshi City in Chiba Prefecture.

The company stated that following a review initiated in February 2025, it concluded the projects were no longer viable. The reassessment was triggered by considerable and unforeseen changes in the offshore wind sector, which have emerged globally in the wake of the COVID-19 pandemic and the war in Ukraine. These include tightened supply chains, surging inflation, unfavourable exchange rate fluctuations, and rising interest rates—factors that have collectively undermined the financial feasibility of the projects.

Since being selected to operate the projects in December 2021, Mitsubishi and its consortium partners have explored multiple avenues to adapt to the shifting landscape. This included a detailed re-evaluation of costs, scheduling, and potential revenue. However, after extensive deliberations, the consortium concluded that establishing a viable business plan under current market conditions was not possible.

The company clarified that most of the associated losses have already been recognised in previous financial years, and any further financial impact is expected to be minimal.

Despite the setback, MC reaffirmed its commitment to renewable energy and its broader role in Japan’s decarbonisation efforts. The company reiterated that offshore wind remains a crucial part of the nation’s future energy mix and expressed intent to continue supporting clean energy initiatives while monitoring global and domestic developments in the sector.

Building Material

11 Dec 2025

Suraj Estate Wins Euromoney Award for India’s Best Residential Developer

"Suraj Estate Developers Limited has received the Euromoney Real Estate Award 2025 for ‘India’s Best Residential Developer’, positioning the company among globally benchmarked leaders in the sector. The recognition reflects its four-decade legacy in delivering high-quality residential and redevelopment-led projects across South Central Mumbai. The Euromoney Real Estate Awards, presented by the London-based Euromoney magazine, are widely regarded as one of the most credible global assessments of performance in real estate, banking and finance. Winners are selected through surveys of inte..

Lloyds Metals, Tata Steel Sign MoU to Explore Strategic Collaboration

"Lloyds Metals and Energy Limited has signed a non-binding Memorandum of Understanding with Tata Steel Limited to evaluate potential areas of strategic cooperation across mining, logistics, pelletisation and steelmaking. The MoU was signed by B Prabhakaran, Managing Director of Lloyds Metals, and Mr T V Narendran, CEO and Managing Director of Tata Steel. The partnership framework aims to leverage the natural operational synergies between both companies and assess opportunities in greenfield steel projects, iron ore mining, slurry pipeline infrastructure, pellet manufacturing in iron ore–ric..

IndiaAI, Gujarat Govt Host Regional Conclave Ahead of 2026 AI Summit

The IndiaAI Mission under the Ministry of Electronics and Information Technology, along with the Government of Gujarat and IIT Gandhinagar, convened a Regional Pre-Summit Event at Mahatma Mandir, Gandhinagar. The initiative is part of the build-up to the India–AI Impact Summit 2026, scheduled for 15–20 February 2026 at Bharat Mandapam, New Delhi. The conclave brought together senior policymakers, technology leaders, researchers and industry practitioners to examine how AI can accelerate economic, digital and social transformation across sectors. The programme focused on the overarching th..