Japan's Mitsubishi Corp took a 52.2 billion yen ($342.4 million) impairment charge on its domestic offshore wind projects in the nine-month period ended in December, it said on Thursday. Mitsubishi leads consortia which won Japan's first state-run wind auctions in 2021 to run three offshore wind farm projects.

Japanese offshore wind developers are facing the same cost-related pressures that have roiled the sector globally, dealing a blow to the resource-poor nation’s ambition of boosting renewable energy.

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Mitsubishi Corp on Monday said it is reviewing how to proceed with its offshore wind projects in Japan given a "significantly changed" business environment, showing that the country is not immune to rising costs across offshore wind projects globally.

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.

Mitsubishi Corp (TSE: 8058) has taken a 52.2 billion yen ($342.4 million) impairment charge on its offshore wind projects, reflecting the broader challenges facing Japan’s renewable energy ambitions.

"Mitsubishi reviews offshore wind in Japan amid economic challenges" was originally created and published by Power Technology, a GlobalData owned brand.

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Mitsubishi Corp on Monday said it is reviewing how to proceed with its offshore wind projects in Japan given a 'significantly changed' business