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.

Mitsubishi Corporation has announced its decision to abandon three offshore wind power generation projects in Japan due to significant changes in the global business environment including inflation, supply chain issues,

Mitsubishi Corp announced Wednesday it will pull out of three Japanese offshore wind power projects, citing soaring costs, a move that undermines Japan’s energy security ambitions and its efforts to lessen reliance on imported fuel.