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FOR IMMEDIATE RELEASE BESICORP AGREES TO COMMENCE PERMIT SETTLEMENT PROCESS FOR POWER AND RECYCLED NEWSPRINT PROJECTS KINGSTON, NEW YORK - With the sponsorship of the NY Department of Public Service, Besicorp-Empire Development Company, LLC (BEDCO) officials have agreed to begin a process of Settlement Negotiations with all parties involved in permitting its 505MW Cogeneration Facility and 330,000 ton per year Newsprint Recycling Facility (The Projects). The Projects are being developed at the former BASF manufacturing site in the City of Rensselaer, N.Y. The Settlement Negotiation Process was recommended by the Department of Public Service as a positive and constructive manner in which to address the issues of Active Parties outside of the statutory permit litigation process. The City of Rensselaer, where the projects will be located, has strongly endorsed the Settlement Negotiation Process. Hearings scheduled to commence on December 2, 2002 have been suspended. The Settlement Negotiations will begin immediately with a goal of reaching global settlement of all outstanding permit issues within 90 days. BEDCO had their Article X/DEIS application deemed complete in May of this year, starting the 12 month statutory process for permit filings in New York State. If successful, the Settlement could result in a more expedited time frame and reduced costs for all parties by eliminating unnecessary litigation. President of Besicorp, William T. Seils states, "We welcome the opportunity to participate in a process which fosters a positive and open dialogue amongst all the Active Parties. It is precisely this spirit of cooperation, which will result in bringing positive economic and social benefits to the City of Rensselaer and State of New York, while addressing all material environmental issues. We commend the government agencies involved who have taken the initiative to create a cooperative permitting process for the benefit of all." The Honorable Mark Pratt, Mayor of the City of Rensselaer states, "The Besicorp Project represents a major investment in the City of Rensselaer. I am highly confident that all issues of interests can be satisfactorily addressed and look forward to participating in the successful redeployment of the BASF site and restoring the employment and tax base to the City." The BEDCO projects are state-of-the-art environmental projects that will bring significant tax and employment benefits while facilitating the remediation and re-deployment of a contaminated manufacturing site. The newsprint facility will recycle over 400,000 tons per year of old newspapers and magazines to produce clean 100% recycled newsprint. The cogeneration facility, fueled by clean burning natural gas, will supply the energy for the newsprint recycling facility while also helping to supply electric capacity for the region, displacing older polluting power plants. For additional information on these two projects, please contact BEDCO at (518) 465-6751 or visit the company's web site at www.besicorp.com. Besicorp-Empire Development Company, LLC is a joint venture between Besicorp Development and Empire State Newsprint, LLC. Besicorp Development specializes in the development of environmentally sound independent power projects.
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