Norwegian energy company Equinor has announced it will discontinue its offshore wind business activities in Japan and close its Tokyo office by the end of 2026.
The decision follows a review of the company’s strategic direction, with Equinor indicating it will place a stronger emphasis on integrated power markets.
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Equinor has operated in Japan since 2018, taking part in the country’s developing offshore wind sector alongside local partners, government bodies and industry groups.
However, the company has not secured leases in a series of public auctions for offshore wind projects during its time in the Japanese market.
The company cited its ongoing strategic evaluation as a reason for its withdrawal.
Equinor expressed gratitude for collaborations and partnerships within Japan’s offshore wind industry.
The Equinor statement read: “We would like to express our deep appreciation for the close collaboration with our partners, relevant authorities and industry stakeholders in contributing to the development of offshore wind in Japan.
“The insights gained and the experience accumulated through our presence in Japan will continue to support and strengthen Equinor’s global capabilities in offshore wind.”
Equinor has indicated it will continue to maintain business relationships with Japanese companies in areas such as technology development, capital markets, commodities and the supply chain, despite withdrawing from local offshore wind activities.
The company also stated that Japan will remain an important market for its broader business interests.
The move comes as Equinor continues to adjust its global approach to renewable energy.
In April, it sold an 8.07% stake in Norwegian renewable energy company Scatec at a price of Nkr125 ($13.16) per share, raising approximately Nkr1.6bn ($168.55m).
Equinor continues to hold an 8.05% interest in Scatec and has agreed to a 90-day lock-up on its remaining shares.
