Mitsubishi to exit from offshore wind projects in Japan after costs double

Mitsubishi Corp. said Wednesday it will withdraw from domestic offshore wind power projects after construction costs more than doubled from initial plans, rendering its business plan unviable and dealing a blow to the government's renewable energy push.The consortium, led by the trading house and including a Chubu Electric Power Co. subsidiary among others, had initially planned to build wind turbines at three sites off the coasts of Akita and Chiba prefectures."The massive changes in current economic conditions and the business environment led us to make this decision," Mitsubishi Presiden…READ FULL ARTICLE