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   BESICORP LTD.
                                                 For Immediate Release



Contact:    Karen Keator
              (914) 336-7700, x 114


                      BESICORP DEVELOPMENT, INC. ANNOUNCES
               THE ENGAGEMENT OF PRICEWATERHOUSECOOPERS SECURITIES

KINGSTON,  NEW YORK,  October 18, 1999 - BESICORP  DEVELOPMENT,  INC.  announced
today the engagement of PricewaterhouseCoopers Securities LLC to provide project
financing  and related  financial  services  for the  Besicorp-Empire  newsprint
project.

PricewaterhouseCoopers  Securities  LLC  will  provide  all  financial  advisory
services for the project  including  placement of debt, equity or equity-related
securities  with  institutional  or strategic  investors  necessary to bring the
project to financial closing.

The Besicorp-Empire joint venture,  announced in February 1999, will construct a
100 percent recycled  newsprint paper  manufacturing  facility and an integrated
500 MW combined-cycle  cogeneration  facility to supply steam and electricity to
the  paper   facility  and   electricity  to  the   deregulated   power  market.
Approximately 1,100 construction jobs and 300 permanent jobs will be created.

According to Besicorp Development's President, William T. Seils, "We are pleased
to   welcome    PricewaterhouseCoopers    Securities   LLC   to   the   project.
PricewaterhouseCoopers  Securities  LLC and its global  affiliates are among the
top financial advisory firms involved in project finance,  ranking first in 1998
in terms of the number of mandates on a worldwide  basis,  according  to Project
Finance International.  Their world-class expertise is a welcome addition to the
team as we focus on the  successful  development of this  environmentally  sound
project."

Besicorp Development, Inc. is a subsidiary of Besicorp Ltd., which specializes
in  the  development of  environmentally sound independent  power projects and
renewable energy technologies.


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