Equinor exits Japanese offshore wind market

Equinor has confirmed that the company’s renewables arm is stepping away from the Japanese offshore wind market.

A spokesperson for the Norwegian-based developer said: “Equinor has decided it will not pursue future offshore wind opportunities in Japan. The decision reflects Equinor’s strategic shift towards integrated power markets, where Equinor has existing positions, consequently the company is reducing its geographical footprint.

“The insights developed and the experience built through our presence in Japan will continue to strengthen Equinor’s competence in offshore wind.”

Equinor has been involved in the Japanese market since 2018, but has failed to win any leases in the country’s auctions. It will close its Tokyo office by the end of 2026.

It follows withdrawals from other offshore wind markets such as Vietnam, France, Spain and Portugal in recent months, with the company citing rising costs behind the decisions.

In addition, the company scrapped its target to reach 10 – 12 GW of installed renewable energy capacity by 2030, earlier this month. CEO Anders Opedal, pictured above, again blamed the emergence of less favourable economics for projects since the target had been set.

More information:https://www.renews.biz/offshore-wind/equinor-scraps-offshore-wind-business-in-japan/