U.S. Transportation Secretary Anthony Foxx announced that Martin Klepper will join the U.S. DOT Build America Bureau (Bureau) as the initial executive director. The Bureau is a newly created entity within the U.S. DOT that streamlines access to federal credit and grant opportunities while providing technical assistance to project planning, financing, delivery, and monitoring. The Bureau will also help state and local governments develop and finance public-private partnership transactions (P3’s) for transportation facilities.
Klepper is a senior partner in the Energy and Infrastructure Projects Group at Skadden, Arps, Slate, Meagher & Flom LLP, where he is known for developing, financing, acquiring, and selling transportation, energy, and other large infrastructure projects in the U.S. and abroad. Over his career, he has closed more than 100 major transactions totaling more than $20 billion. Klepper has worked with both federal and state governments on energy and infrastructure financing matters, as well as with banks, underwriters, equity investors, multilateral lenders, and export credit agencies in various capacities.
"We are pleased to have someone with Martin’s significant experience and expertise at the helm of the Bureau,” said Foxx. “Under his leadership, the Bureau will be a driving force in financing transportation projects across the country.”
The Build America Bureau combines the following U.S. DOT programs: the Transportation Infrastructure Finance and Innovation Act, the Railroad Rehabilitation & Improvement Financing, the private activity bond (PAB) program, the Outreach and Project Development functions of the BATIC, and the Fostering Advancements in Shipping and Transportation for the Long-term Achievement of National Efficiencies grant program.
Since the beginning of the Build America series of initiatives in 2014, the U.S. DOT’s Credit Programs have closed nearly $13 billion in financing for 24 projects with $31 billion in total project costs.