British oil major BP is looking to withdraw from an offshore wind power project off the coast of Yamagata Prefecture due to profitability concerns.
The project is being undertaken by a consortium led by trading house Marubeni with Kansai Electric Power, Tokyo Gas, and BP as partners, among others. Marubeni will continue the project even if BP pulls out.
The project calls for the construction of a fixed-bottom wind farm with a generating capacity of 450MW off the town of Yuza. The facility is set to begin operations in 2030.
According to local media reports, BP has already informed its Japanese partners that it intends to leave the project.
Mitsubishi Corp. and other companies pulled out of construction plans in three sea areas in Chiba and Akita prefectures last year, citing rising construction costs.
The Japanese offshore wind sector took another hit at the end of June when Equinor announced that it would end its offshore wind business activities in Japan. The company said its Tokyo office would close by the end of 2026.
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