NY Green Bank committed $5.0 million to finance the construction and operation of an energy efficient, LEED Certified lodging property located in the Village of Saranac Lake (the “Project”) and developed by Saranac Lake Resort Owner, LLC. The Project’s energy efficiency measures are expected to reduce greenhouse gas emissions relative to design standards. This is NYGB’s first investment in an energy efficient, new building asset as part of its ongoing efforts to participate in sustainable infrastructure investments in support of Clean Energy Fund objectives. The Project is expected to create approximately 71 full time jobs in New
York State, supporting economic development in the North Country.
NYGB committed an additional $4.5 million in December 2022 to further support the project.