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.

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Mitsubishi Corporation is conducting a review of its business plans for offshore wind power generation projects in Japan. The reassessment is due to an altered macroeconomic environment for the offshore wind power sector brought about by the Covid-19 pandemic and the Ukraine crisis,

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 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.