Mitsubishi Corporation Withdraws From Offshore Wind Power, Highlighting Japan's Weaknesses; Loss of "Hinomaru Windmill" Hits Hard

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Mitsubishi Corporation has withdrawn from an offshore wind power generation project it had been pursuing in three waters off Akita and Chiba prefectures. The reason for this is that global inflation has more than doubled construction costs from the estimates made at the time of the bidding four years ago, making the project unprofitable. While Mitsubishi Corporation's forecasts were undeniably optimistic, the project is unique to Japanese offsho…