Paul J. Epstein


Paul Epstein is counsel in the Project Development & Finance Group of Shearman & Sterling. He represents corporations, funds and other financial and public and private institutions in complex financings, focusing on project and acquisition matters in the infrastructure, energy and mining sectors, both domestically and internationally. Paul has significant experience with projects procured on a public private partnership (P3) basis. He has been identified as a P3 industry expert and has served on a distinguished panel of judges for the P3 Bulletin P3 Awards for 2014 through 2017. Paul is also recognized as a “Rising Star in Project Finance and Banking by IFLR1000.

Selected Experience

  • Designated lenders’ and underwriters’ counsel in connection with the financing of the $5.7 billion acquisition of ITR Concession Company LLC, the concessionaire and operator under a 75-year concession and lease of the Indiana Toll Road, a 157-mile (253 km) toll road in northern Indiana
  • United States Department of Transportation (USDOT), in connection with the extension of a Transportation Infrastructure Finance and Innovation Act (TIFIA) loan for the I-77 HOT Lanes Project in North Carolina
  • United States Department of Transportation (USDOT) in connection with the extension of an approximately $875 million secured loan for the $2 billion Purple Line Light Rail Transit P3 Project in Maryland
  • SG Americas Securities, LLC as sole lead arranger and sole book manager in connection with a revolving credit facility and commodity hedges for Revett Silver Company, a subsidiary of Revett Minerals Inc., relating to the Troy silver and copper mine located in Montana
  • Canada Pension Plan Investment Board in connection with the financing of its $1.1 billion acquisition of the Air Distribution division of Tomkins

Selected Publications

  • Quoted in “Trump Infra Speech Prompts Consideration of P4s,” InfraAmericas, June 8, 2017
  • Author, “Trump Infrastructure Plan Envisions Greater Role for Public-Private Partnerships,” June 2, 2017
  • Author, “Water Act a “WIIN” for Infrastructure,” January 3, 2017
  • Co-Author, “Early Views on the US Energy and Infrastructure Sectors Under a Trump Administration,” December 5, 2016
  • Author, “Funding and P3s for Water Infrastructure Projects Part 1-2,” Law360, October 17-18, 2016
  • Author, “Cleantech and Transportation Intersect in 2017 U.S. Federal Budget Proposal,” April 13, 2016
  • Author, “New Normal or Recurring Trend?”, P3 Bulletin, September 16, 2015
  • Quoted in “North Carolina’s I-77 Express Lane P3 is testament to what can be achieved in the US with solid legislation and comprehensive governmental support,” P3 Bulletin, September 16, 2015
  • Author, “A Road Map to Long-Term Highway Funding Legislation,” Law360, August 10, 2015
  • Co-Author, “States Taking a Larger Role in Transportation Funding,” Law360, March 13, 2015
  • Author, “A Temporary Detour For Highway Transportation Funding,” Law360, August 19, 2014
  • Co-author, “Federal Surface Transportation Reauthorization: The Road Ahead,” May 12, 2014
  • Co-author, “Master Limited Partnerships Parity Act Reintroduced in U.S. Senate and House,” May 1, 2013
  • Co-author, “Toward the Future of Federal Surface Transportation Funding: An Overview of the House and Senate Reauthorization Bills,” cited in Transportation Finance Intelligence (February 29, 2012)
  • Author, Beal v. Sommer: Did Decision on Collective Action in Exercise of Lenders’ Remedies Reflect Contracting Parties’ Intent?, The Banking Law Journal (March 2008)
  • Author, Enforcement of the Avena Judgment in the United States Courts: The Medellín Case, The Global Community: Yearbook of International Law and Jurisprudence (2006)
  • Co-Author, Autopista del Maipo: Maipo Finances Variable MDI, Project Finance International Yearbook (2005)


  • Stanford Law School, J.D.
  • University of Oxford, M.Phil.
  • Cornell University, B.A.



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