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AIR PERMIT
FOR IMMEDIATE RELEASE KINGSTON, NEW YORK - Besicorp-Empire Development Company, LLC has submitted its Air Permit Application to the New York State Department of Environmental Conservation ("NYSDEC") in connection with the cogeneration power plant and recycled newsprint manufacturing facility the Company plans to construct in the City of Rensselaer, New York. Submittal of the Air Permit Application represents the final permit application required to be submitted prior to filing the Article X Application and Draft Environmental Impact Statement ("DEIS") with the New York State Department of Public Service ('NYSDPS") and the NYSDEC. The Article X Application is scheduled to be submitted in December 2001. The Air Permit is one of the major permits required in the New York State permitting process for Besicorp-Empire's proposed state-of-the-art facility. The proposed cogeneration plant will produce approximately 500 megawatts of electricity for the merchant power market while supplying all of the energy for the recycled newsprint manufacturing facility. In July 2001, the Company submitted its draft State Pollutant Discharge Elimination System Application ("SPDES"), which addresses the water impact issues of the project. The full spectrum of the permitting/approvals phase of the project is targeted for completion in November 2002, with construction targeted for immediately thereafter, and commencement of operations in mid-2004. The facility is being sited at the former BASF facility located along the Hudson River in upstate New York, City of Rensselaer, and will result in the industrial re-deployment of the inactive site. The site remediation process is proceeding on schedule to prepare the site for the targeted start of construction of the Besicorp-Empire facilities. William T. Seils, President, stated, "Submittal of the Air Permit Application with the NYSDEC represents a significant milestone in development of the project. Since our announcement fifteen months ago that Rensselaer was chosen as the preferred site, we have worked closely with city and state officials, as well as the local community, to develop an environmentally-sound and economically beneficial project. We look forward to its successful completion." Besicorp-Empire Development Company, LLC is a joint venture between Besicorp Development, Inc. and Empire State Newsprint, LLC. Besicorp Development, Inc. specializes in the development of environmentally-sound independent power projects. 1151 Flatbush Road, Kingston, NY 12401 USA Contact: Sean Casey Sawchuk, Brown Associates (518) 462-0318.
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