Buckeye Awarded Grant for Energy Project in Florida

Aug. 12, 2009 - Buckeye Technologies said that it has qualified to receive up to $7.381 million from the State of Florida’s Quick Action Closing Fund, which is a performance-based incentive that provides up-front cash to approved economic development projects.

Buckeye noted that with the help of the state incentive and support from the Taylor County Development Authority, it has restarted its Foley Energy Project, which will generate an additional 12 megawatts of electrical power from renewable wood resources and reduce the use of fossil fuels at the site by the equivalent 200,000 barrels of oil per year.

According to Buckeye, the energy project, which features the installation of a condensing steam turbine at our specialty wood fibers manufacturing plant near Perry, Florida, is expected to temporarily create approximately 148 direct jobs during the installation process, and help retain 555 direct jobs and 1,000 indirect jobs.

Buckeye has committed to invest $32.3 million in the turbine and associated equipment that will provide steam to the turbine to complete this project.

Buckeye said the project is part of its vision to reduce the plant’s dependency on fossil fuels, improve its impact on the environment, and create a more sustainable business.

“Buckeye is honored and very pleased with the decision of Governor Crist to award funds from the Governor’s Office of Tourism, Trade, and Economic Development’s Quick Action Closing Fund incentives program to the company’s Energy Independence Project," said said Buckeye chairman and CEO John B. Crowe.

"The company is committed to eliminating the use of fossil fuels at our plant near Perry and eventually producing renewable energy for others to use," Crowe said.

SOURCE: Buckeye Technologies Inc.

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