Mitsubishi Corporation to withdraw from offshore wind power generation projects off the coast of Chiba and Akita due to significant cost increases

Mitsubishi Corp. and its partners are preparing to withdraw from offshore wind power projects planned off the coasts of Akita and Chiba, according to people familiar with the matter.

The companies cite soaring material costs and other expenses as the main reasons.

The move marks a major setback for one of Japan’s flagship renewable energy projects, which had been heavily backed by the government, and could force officials to rethink the country’s energy strategy.