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Dan Shapiro

Partner

New York

Dan advises sponsors, developers, institutional investors, lenders and underwriters on transformative infrastructure and energy transactions across North America. A market leader in public-private partnerships (P3/PPP), project finance and infrastructure M&A, he structures multi-billion-dollar financings and acquisitions that mobilize capital at scale.

Dan is recognized by Chambers USA and Chambers Global, where clients said, Dan is “a great problem-solver” and has “excellent PPP knowledge.”

Dan takes a lifecycle-driven approach, aligning capital, risk and operations to unlock next-generation asset value. His work spans transportation, social infrastructure and energy, delivering integrated solutions that combine development, financing, operations and long-term management. He pioneers concession and design-build-finance-operate-maintain (DBFOM) structures, innovative Energy as a Service (EaaS) financings and complex capital markets transactions that advance both public and private objectives.

  • Project Finance / Lenders / Underwriters

    • The underwriters, J.P. Morgan Securities, LLC, RBC Capital Markets, LLC and KeyBanc Capital Markets, Inc., in the issuance of US$3.438B senior lien toll revenue bonds for the Georgia SR 400 Express Lanes Project.
    • I-77 Mobility Partners on the issuance of US$371M in senior secured notes to refinance existing indebtedness for a managed lanes project in Charlotte, North Carolina.
    • NTE Mobility Partners Segments 3 LLC in a US$275M senior financing transaction for the North Tarrant Express in Fort Worth, Texas.
    • Kiewit Meridiam Partners LLC in the refinancing and additional financing for the Central 70 Project in Denver, Colorado.
    • The lenders, KeyBank, National Bank of Canada and Crédit Agricole Corporate in the US$225M financing of Applegreen USA Welcome Centres acquisition of HMS Host Tollroads, which operates and maintains over 60 on-highway service plazas, located across 13 highways within eight states in the U.S. Northeast and Midwest region.
    • A group of 11 banks and Barclays Capital in the US$1.7B financing and bond purchase for Puerto Rico Tollroads’ 40-year concession for four toll roads (PR-20, PR-52, PR-53, and PR-66) and subsequently Barclays Capital in the purchase of US$286.2M of Public Finance Authority Senior Lien Revenue Bonds (Puerto Rico Toll Roads Monetization Project), Series 2024.
    • The purchasers of US$110M of tax-exempt bonds (including US$42.46M of forward delivery bonds) and the purchasers of US$77M of privately placed taxable bonds issued by AFICA, the proceeds of which were loaned to San Juan Cruise Port to finance the repair, expansion, and operation of marine cruise terminals in San Juan Bay under a 30-year concession.
    • The lenders, ING Capital, JPMorgan Chase, and Royal Bank of Canada, in the US$350M credit facility and the note purchasers of US$475M of senior secured notes in the refinancing of SH 130 (Segments 5 and 6), a DBFOM with TxDOT covering 41 miles in Texas.
    • The lenders in the financing of Boldyn Networks (formerly Transit Wireless) for the expansion of its 5G fiber network and Wi-Fi service in the New York City Subway covering 418 track miles and up to 20 separate river crossings, along with an expansion of Wi-Fi service to all 191 above-ground subway and 21 Staten Island Railway stations.
    • The note purchasers in the sale of US$479M of senior secured notes by Prince George’s County Education & Community Partners for six new schools in Maryland.
    • The underwriters of US$273.4M of tax-exempt private activity bonds, the lenders on a US$642.6M revolving credit facility and related interest rate swap providers, and the note purchasers of US$197.8M of privately placed secured notes in the financing for Red River Valley Alliance for the Fargo-Moorhead Metropolitan Area Flood Risk Management Project, a first-of-its-kind in North America.

    Sponsors / Developers

    • Axium Infrastructure and its subsidiary, Mass Ave Housing Partners LLC, in a DBFOM project for UMass Amherst for student housing and related infrastructure.
    • Henry Ford Health Energy Partners LLC, a subsidiary of Kiewit Development Company, in connection with a project to design, construct, finance, operate and maintain a central utility plant to provide heat and chilled water to a new hospital tower to be constructed by the Henry Ford Health System in Detroit.
    • Empire State Thruway Partners in redeveloping, financing, operating, and maintaining 27 service plazas along I-90 and I-87 in New York.
    • LanzaJet Freedom Pines Fuels LLC in connection with the development of a facility for the production of sustainable aviation fuel.
    • Meridiam Infrastructure, Kiewit Development Company, and Kiewit Meridiam Partners LLC in connection with the design, construction, financing, operation, and maintenance of the approximately US$1B Central 70 Project, which consists of improvements to an approximately 10-mile stretch of I-70 East in greater Denver, Colorado from I-25 to Chambers Road, adding one new tolled express lane in each direction, removing the existing viaduct, lowering the highway between Brighton Boulevard and Colorado Boulevard, and placing an approximately four-acre cover over a portion of the lowered highway.
    • Plenary Properties Purdue in a DBFOM project for a 1,300-bed student housing project at Purdue University’s West Lafayette, Indiana campus.
    • Plenary Group and Plenary Properties Long Beach in a US$550M DBFOM project for a new city hall, library, parking, park, and Port of Long Beach headquarters in California.
    • The preferred bidder for a US$500M DBFOM project for four interconnected criminal justice buildings in Indianapolis and Marion County, Indiana, including a detention center, corrections facility, courthouse, sheriff’s department, and parking facilities.
    • A shortlisted bidder for the U.S. 181 Harbor Bridge Replacement Project in Corpus Christi, Texas.
    • SouthGate Mobility Partners and Kiewit in a DBFOM project for 14 miles of tolled managed lanes and general purpose lanes along SH 183 in Dallas and Tarrant Counties.
    • A shortlisted bidder for segment 5 of I-69

    Power and Renewable Energy

    • Axium Infrastructure in the acquisition of a 50% indirect interest in Georgetown Energy Partners LLC, which operates and modernizes Georgetown University’s utility system.
    • A North American infrastructure fund in the financing of its acquisition of a district energy business in Seattle.
    • An international infrastructure fund in its acquisition of Brooklyn Navy Yard Cogeneration Partners, which owns and operates a 286 MW gas-fired plant in New York City.
    • A North American infrastructure fund in the financing of its acquisition of a 49% cash equity interest in a 1.1 GW portfolio of eight operating wind farms in seven states.
    • A North American infrastructure fund in the financing of its acquisition of an 80% cash equity interest in a 400 MW portfolio of two operating wind farms in Indiana.
    • A North American infrastructure fund in connection with its acquisition of a 69 MW portfolio of five operating solar projects in two states.
    • The lead arrangers and note purchasers in the refinancing of a portfolio of over 20 rooftop solar assets in California, Massachusetts, and New Jersey.

    Dan’s experience includes that prior to joining Orrick.

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