The Puerto Rico Family Office That Bought a Wind Farm

After years of building an industrial real estate business in Puerto Rico, the older members of Raoul Slavin Julia’s family were ready to sell their assets and retire. It was 2004, years before the island would face the back-to-back-to-back blows of bankruptcy and two destructive hurricanes, but it seemed like a good time to have a bit of liquidity.

“We looked around and said: What now?” Slavin Julia remembers. What he saw on the island were crippling electricity costs and dependency on fossil fuels. The answer to his question, he eventually determined, was blowing ...