QUINNESEC – The Michigan Magnet Fund is making a $10 million investment in a $45 million Verso Paper Corp. Renewable Energy Project in its Quinnesec Plant in the Upper Peninsula. The investment will create at least 50 more jobs for small businesses that supply the biomass to the plant.

The project will meet up to 95 percent of its energy needs using renewable biomass sources. The project will make the plant cost competitive in an increasingly competitive commodity market and keep 475 people working in the facility.

?The implementation of the Quinnesec Renewable Energy Project is in alignment with Verso?s three-pronged energy strategy, which is to reduce overall energy consumption, generate more green energy from renewable biomass and reduce our carbon footprint, all while reducing costs,? said Mike Jackson, Verso?s President and Chief Executive Officer.

MMF is an alliance of the Michigan Economic Development Corporation, Michigan State Housing Development Authority, and the Great Lakes Capital Fund. It is a federally certified community development entity who won a $120 million in new market tax credit investment allocation from the CDFI Fund.

MMF has invested $82 million in 12 projects in eligible low income distressed neighborhoods in 8 cities in Michigan. MMF was joined in this investment by the Local Initiative Support Corporation and CapFund New Markets LLC who invested $17 million and $5 million respectively to provide a total Qualified Equity Investment of $32 million. JP Morgan Chase through its subsidiary purchased the new market tax credits from the three community development entities for $8,984,700 to permit the CDEs to make investments that are more flexible than the market can provide.

?This investment is an important part of Michigan?s commitment to its rural areas. It not only makes one of our basic businesses more competitive but does so by developing and using renewable resources and reducing Michigan?s dependence on fossil fuels. MMF can only invest in projects that could not obtain the financing from any other source.? Said Ted Rozeboom, President of MMF.

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