Zara Heiress Sandra Ortega's Family Office Posts 71% Profit Jump
Rosp Corunna, Ortega's investment vehicle, reported €300 million ($348 million) in profit for 2024, all of which will be reinvested this year, according to annual earnings filings. The total value of Rosp's assets rose 24.5% to €10.1 billion.
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Boston Globe
8 hours ago
- Boston Globe
Nantucket demands accountability from Vineyard Wind after offshore wind turbine blade collapse last year
'In the aftermath of the blade failure, (Vineyard Wind) increases the likelihood that they will, again, be unprepared for disaster, and they leave our community vulnerable to future project failures,' Mohr said. Advertisement The announcement comes on the heels of a After the During the permitting process for Vineyard Wind in 2020, federal law did not give localities the power of veto; the town instead negotiated a community benefits agreement, a contract between Nantucket and the developer that is enforceable in court. Advertisement Vineyard Wind, town officials said, has not met the outlined expectations in the agreement, like its commitment to 'proactive communications' from the turbines' development to maintenance. 'We're here today, because the company has repeatedly failed to fulfill the communications obligation of the (community benefits agreement) during times of both regular operations, and critically, during times of emergency,' said Greg Werkheiser, an attorney hired by the town to handle cases involving the wind projects. 'Prior to initiating any litigation, we are giving the company an opportunity to comply with its legal requirements,' Werkheiser added. Vineyard Wind, the offshore energy project's developer, is owned by Denmark-based Avangrid Renewables and Copenhagen Infrastructure in partnership with Spain-based Iberdrola, did not respond to a request for comment. The town also cited concerns about light pollution. The community benefit agreement required the developer to install an 'automatic detection and lighting system," which only turns on lights when it detects a plane or ship in the vicinity. 'Due to lengthy delays in (Vineyard Wind's) activation of the required lighting reduction system on their turbines, they have been polluting our night sky with dozens of blinking red lights for several years now,' Mohr said. In its demands, the town said Vineyard Wind should compensate Nantucket with $25,000 per turbine, each day that the turbine lights are on without activating this system. The community benefits agreement has come under fire by some Nantucket residents, who say town officials are restricted in their criticism of Vineyard Wind. An advocacy group Keep Nantucket Wild submitted a petition to the select board last year, with more than 2,000 signatures, urging the town to withdraw from the agreement. Advertisement But, Mohr said withdrawing from the agreement would 'weaken our town's position' when it came to making demands, calling it 'the most effective legal tool' the town has. They urged Vineyard Wind to respond to the list of demands within two weeks. Nantucket did not comment on what actions it would take if the developer does not follow through. The demands come at a trying time for offshore wind projects. President Donald Trump rolled back clean energy incentives in the newly passed The town has consistently said that clean energy is 'a priority for the world,' according to Werkheiser. The town just wants to see these projects comply with outlined requirements, and exert as much influence as this industry develops, Mohr said. 'We're on the leading edge of a new industry in this country,' Mohr said. 'We literally are on the leading edge of it, physically and geographically.' Material from the Associated Press was used in this report. Jessica Ma can be reached at
12 hours ago
Nantucket officials accuse offshore wind developer of going into hiding since Trump's election
BOSTON -- Officials in Massachusetts' Nantucket island on Tuesday accused the developer of the nation's first utility-scale offshore wind project of not responding to their safety queries since Donald Trump's election after a massive wind turbine broke apart last year and its fragments washed up on beaches. Nantucket's select board gave Vineyard Wind two weeks to respond to a list of demands, including that it follow deadline requirements for notifying local officials of emergencies. Violations could result in fines up to $250,000, the town said, although it was unclear how such a policy would be enforced. Board member Brooke Mohr suggested the Trump administration's skepticism toward offshore wind projects is to blame for what Mohr said was Vineyard Wind's lack of communication. The town said Vineyard Wind, which is owned by Denmark-based Avangrid Renewables and Copenhagen Infrastructure in partnership with Spain-based Iberdrola, has failed to respond to private requests for changes to its protocols. Litigation may be a next step if the town's demands are unmet, officials said. 'We believe that they are concerned about the change in policy at the federal level and drawing scrutiny from the new administration, which has ordered a review of offshore wind permitting practices,' Mohr said during a virtual briefing with news reporters. 'However, hiding is not the solution to their problems, nor is it the solution to our problems.' Vineyard Wind did not immediately respond to a request for comment sent by The Associated Press. The project about 14 miles (23 kilometers) off nearby Martha's Vineyard was approved by President Joe Biden's administration in May 2021, a key step in Biden's plans to increase U.S. reliance on offshore wind by 2030. Fiberglas fragments of a massive wind turbine blade that broke apart off Nantucket began washing ashore last summer during the peak of tourist season after pieces of the blade at the Vineyard Wind project began falling into the Atlantic Ocean in July. GE Vernova, which agreed to pay $10.5 million in a settlement earlier this month to compensate island businesses that suffered losses as a result of the blade failure, blamed a manufacturing problem at one of its factories in Canada and said there was no indication of a design flaw. It reinspected all blades made at the factory and removed other blades made there from the Vineyard Wind location. In the final days of the Biden administration, federal regulators lifted a suspension order on the project, pending the removal of all installed blades manufactured by GE Vernova. On Tuesday, town officials accused Vineyard Wind of violating a contract made with Nantucket five years ago that requires the company to communicate regularly with the town at all stages of project development and deployment. It also said Vineyard Wind hasn't done enough to reduce light pollution or engage the town with its emergency response plans following the blade failure. Nantucket officials refused to include Vineyard Wind as a signatory in the $10.5 million settlement, citing the company's 'lack of leadership, transparency, and stewardship' following the blade failure.
San Francisco Chronicle
12 hours ago
- San Francisco Chronicle
Nantucket officials accuse offshore wind developer of going into hiding since Trump's election
BOSTON (AP) — Officials in Massachusetts' Nantucket island on Tuesday accused the developer of the nation's first utility-scale offshore wind project of not responding to their safety queries since Donald Trump's election after a massive wind turbine broke apart last year and its fragments washed up on beaches. Nantucket's select board gave Vineyard Wind two weeks to respond to a list of demands, including that it follow deadline requirements for notifying local officials of emergencies. Violations could result in fines up to $250,000, the town said, although it was unclear how such a policy would be enforced. Board member Brooke Mohr suggested the Trump administration's skepticism toward offshore wind projects is to blame for what Mohr said was Vineyard Wind's lack of communication. The town said Vineyard Wind, which is owned by Denmark-based Avangrid Renewables and Copenhagen Infrastructure in partnership with Spain-based Iberdrola, has failed to respond to private requests for changes to its protocols. Litigation may be a next step if the town's demands are unmet, officials said. 'We believe that they are concerned about the change in policy at the federal level and drawing scrutiny from the new administration, which has ordered a review of offshore wind permitting practices,' Mohr said during a virtual briefing with news reporters. 'However, hiding is not the solution to their problems, nor is it the solution to our problems.' Vineyard Wind did not immediately respond to a request for comment sent by The Associated Press. The project about 14 miles (23 kilometers) off nearby Martha's Vineyard was approved by President Joe Biden's administration in May 2021, a key step in Biden's plans to increase U.S. reliance on offshore wind by 2030. Fiberglas fragments of a massive wind turbine blade that broke apart off Nantucket began washing ashore last summer during the peak of tourist season after pieces of the blade at the Vineyard Wind project began falling into the Atlantic Ocean in July. GE Vernova, which agreed to pay $10.5 million in a settlement earlier this month to compensate island businesses that suffered losses as a result of the blade failure, blamed a manufacturing problem at one of its factories in Canada and said there was no indication of a design flaw. It reinspected all blades made at the factory and removed other blades made there from the Vineyard Wind location. In the final days of the Biden administration, federal regulators lifted a suspension order on the project, pending the removal of all installed blades manufactured by GE Vernova. On Tuesday, town officials accused Vineyard Wind of violating a contract made with Nantucket five years ago that requires the company to communicate regularly with the town at all stages of project development and deployment. It also said Vineyard Wind hasn't done enough to reduce light pollution or engage the town with its emergency response plans following the blade failure. Nantucket officials refused to include Vineyard Wind as a signatory in the $10.5 million settlement, citing the company's 'lack of leadership, transparency, and stewardship' following the blade failure.
