Besicorp Announces Closing of Power Plant Sale.

KINGSTON, N.Y.--(BUSINESS WIRE)--Dec. 14, 1998--BESICORP GROUP INC. (AMEX Emerging Company Marketplace - BGI.EC)(the "Company") announced today that it had consummated the previously announced sale of a power plant in which the Company owns a partnership interest. The Kamine/Besicorp Syracuse L.P., which owned the power plant, was a party to the Master Restructuring Agreement ("MRA") consummated on June 30, 1998 with Niagara Mohawk Power Corp. Pursuant to the MRA, the power purchase agreement for the plant was terminated. Besicorp holds a partnership interest of 35.715 per cent in the project. The Company's share of the proceeds to be received from this sale is estimated to be approximately $2 million.

Certain statements contained in this press release may be deemed forward-looking statements. Such statements, and other matters addressed in this press release, involve a number of risks and uncertainties. Among the factors that could cause actual plans to differ materially from these statements and other matters are the risks and other factors detailed, from time to time, in the Company's reports with the U.S. Securities and Exchange Commission.