Paul Epstein

Paul Epstein


Paul focuses on complex financing, project and acquisition matters across the infrastructure and energy sectors, both domestically and internationally.

His clients are both private and public sponsors, lenders and issuers inclusive of corporations, insurance companies, funds, other financial institutions. Paul assists his clients on the development, structuring and financing of infrastructure and energy projects across asset classes, including roads, bridges, tunnels, airports, ports and power, including campus and district energy facilities. Additionally, a key differentiator in Paul’s practice is his in-depth experience with specialized projects, including water and waste facility development and financing, where he is one of the most active U.S. practitioners having advised on numerous matters, energy transition where he is sought after for first in-kind matters and digital infrastructure.

Paul is a leader in the representation of sponsors and lenders in the public-private partnership (PPP) space, particularly the representation of infrastructure funds and strategic investors on their investments in and development of PPP assets and lenders of all types, private and public, in in debt financings of PPP assets.

Paul also has extensive experience over decades advising governmental agencies on projects and financings (including PPPs), in particular the U.S. Department of Transportation (DOT) on the TIFIA and RRIF programs, the Federal Railroad Administration (FRA) on rail infrastructure projects, the U.S. Environmental Protection Agency (EPA) on the WIFIA program, and the U.S. Department of Energy’s Loan Programs Office on its financing programs.


Representative matters

Equity Members as transaction counsel in connection with the bid for the concession to finance, operate, maintain and improve four toll roads on the island of Puerto Rico – PR-20, PR-52, PR-53 and PR-66.

Private placement investors in connection with the financing of the Long Beach Courthouse P3 Project.

Private placement investors on the issuance and sale of up to approximately $123 million of senior secured notes by Bulldog Infrastructure Group, LLC, a project company of Meridiam Infrastructure, for the California State University, Fresno Central Utility Plant Replacement Project. This greenfield P3 is the first to feature an impact bond, under which there is a higher interest rate if energy savings targets are not met (“Best Utilities Project of the Year” (2022) by P3 Bulletin and “North America Social Infrastructure Deal of the Year” (2021) by IJGlobal).

United States DOT on the development of the SR 400 Express Lanes Project in the Atlanta, Georgia metropolitan area. The SR 400 Project, which is part of the Georgia Department of Transportation’s (GDOT) significant Major Mobility Investment Program (MMIP) will add two express lanes in each direction along the vital north-south transportation corridor and is part of the larger Georgia Express Lanes network designed to provide a connected transportation system with reliable trip times for motorists. Estimated project costs are in excess of $1 billion.

Speaking Engagements

  • Panelist/Speaker for P3 Electrified Summit session titled, “P3 Funding Opportunities with the EPA WIFIA Program”, 2023
  • Judge, P3 Bulletin Awards, 2014 – 2021; Head Judge, 2021
  • Panelist/speaker, public-private partnership (P3) panel, American College of Investment Counsel’s 2020 Virtual Fall Annual Meeting and Education Conference, 2020
  • Presenter/Moderator, Infrastructure Finance Breakfast Club panel discussions, 2016 – 2019
Paul Epstein is equally adept at advising public bodies and lenders on the development and financing of PPP projects. He is particularly skilled at handling transportation sector projects.” Clients also share that “Paul is very knowledgeable and commercial.
Chambers USA, 2023
Paul maintains focus on matters that are most important and brings in most recent market precedent knowledge on commercial points from multiple perspectives.
Chambers USA, 2023


  • Recommended by Who’s Who Legal: Project Finance, 2024
  • Ranked for Projects: PPP Band 2 (2023), Chambers Global (2022-2023) and Chambers USA (2021-2023)
  • Listed as a “Rising Star”, IFLR1000, 2016-2023
  • Recommended by Who’s Who Legal: Government Contracts, 2019-2023



New York State (First Dept)-NY-State, 2000


Bachelor of Arts, Cornell University, 1993
M.Phil., Oxford University, 1995
J.D., Stanford University, 1999


A&O Shearman was formed on May 1, 2024 by the combination of Shearman & Sterling LLP and Allen & Overy LLP and their respective affiliates (the legacy firms). Any matters referred to above may include matters undertaken by one or more of the legacy firms rather than A&O Shearman.