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Invest in a biomass plant, get a green card? [From the web]

Sept. 3, 2010

Invest in a biomass plant, get a green card? [From the web]

POWNAL, VT, Sept. 3, 2010 (Local news source) - Backers of a $500 million proposal to build biomass power plants in Pownal and Fair Haven are hoping to lure foreign investors with the promise of a US residency permit.

The Bennington Banner says Beaver Wood Energy has applied for the EB-5 visa program of United States Citizenship and Immigration Services.

In exchange for their investment, the foreign investors are granted conditional green cards that can lead to permanent residency if the projects create jobs.

Beaver Wood's Ted Verrill says the Pownal and Fair Haven biomass electricity generation plant and wood-pellet fuel facilities are expected to cost about $250 million each. The company hopes to get about $50 million from foreign investors.

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