Tokyo, Aug. 27 (Jiji Press)—Mitsubishi Corp. said Wednesday that it will pull out of offshore wind power projects in three areas of Japan.

Following a reassessment of the projects conducted in light of soaring construction materials costs and rising interest rates, “we have determined that establishing a viable business plan is not feasible given the current conditions,” the major Japanese trader said in a statement.

With the Japanese government viewing offshore wind power generation as an integral part of its decarbonization efforts, Mitsubishi’s latest decision may prompt the government to revise its energy strategy.

In 2021, a consortium led by Mitsubishi successfully bid for the government-led projects to build wind power plants in three areas off the northeastern prefecture of Akita and Chiba Prefecture, east of Tokyo.

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