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Investing.com -- Mitsubishi Corp (TYO:8058) announced on Wednesday it will withdraw from three offshore domestic wind farm projects that it won in Japan’s first state-run wind auctions in 2021.
The Japanese trading company leads consortia that secured rights to develop the projects, which had a projected capacity of 1.76 gigawatts and were expected to begin operations between 2028 and 2030.
This decision follows financial difficulties earlier this year when Mitsubishi recorded a 52.2 billion yen ($354.31 million) impairment charge on its domestic offshore wind projects in February.
The company cited a "significantly changed" business environment as the reason for its withdrawal, noting that offshore wind projects globally have been affected by cost overruns.
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