Equinor Exits Japan Offshore Wind

Norwegian energy major Equinor has decided to end its offshore wind business activities in Japan and will close its Tokyo office by the end of 2026. This decision reflects a reassessment of Equinor's strategic direction, with a strengthened focus on integrated power markets. Equinor entered Japan in 2018 but failed to win any leases in successive offshore wind auctions. The company has also previously pulled back from offshore wind development in other markets like Vietnam, Spain, Portugal, and France, citing rising costs. Earlier in June, Equinor scrapped its 2030 installed renewable capacity target, opting instead to concentrate on expanding its integrated power business, combining renewables with gas-to-power generation. Despite the withdrawal, Equinor stated that Japan will remain an important country for the company, and it will continue to invest in relationships with Japanese companies in technology development, commodities, capital markets, and the supply chain. The move comes amidst broader challenges in the Japanese offshore wind industry, as exemplified by Mitsubishi Corporation's earlier decision to drop three offshore wind projects due to changing market conditions and rising costs.