Power Grid

Norway's energy company Equinor has announced that it will end its offshore wind business in Japan and close its Tokyo office by the end of 2026. The company said the move follows a review of its business strategy, with a stronger emphasis on developing integrated power markets rather than expanding offshore wind operations in the country.

Equinor entered the Japanese market in 2018 with ambitions to participate in the country's growing offshore wind sector. However, the majority state-owned company was unsuccessful in securing leases in multiple offshore wind auction rounds, limiting its ability to establish a foothold in the market.

The decision is part of a broader global retreat from offshore wind projects. Equinor has already scaled back or exited offshore wind development in several countries, including Vietnam, Spain, Portugal and France, citing rising project costs and increasingly challenging market conditions.

Although Equinor continues to invest in renewable energy, its core business remains oil and gas production. Earlier this month, the company abandoned its target for installed renewable capacity by 2030, saying it will instead prioritize expanding its integrated power business by combining renewable energy with gas-to-power generation and other energy sources.