CIT’s power and energy business was named Renewable Energy Lead Arranger of the Year by Power Finance & Risk, a publication covering the energy project finance industry.

CIT’s power and energy business was selected by the Power Finance & Risk editorial team based on its independent research and industry insights. The award is granted for excellence and innovation while serving as lead arranger in financing renewable energy projects for a variety of clients, the magazine said.

“We are honored to receive this Renewable Energy Lead Arranger of the Year Award in recognition of CIT’s expertise and agility in supporting clients in leading financings for clean energy projects across the U.S.,” David Harnisch, president of CIT’s commercial finance division, which includes the power and energy group, said.

“In recent years, our power and energy team has done exceptional work in leading financings for some of the biggest and most innovative renewable power projects in the nation,” Mike Lorusso, managing director and group head of CIT’s power and energy business, said. “We’re proud to receive this recognition from Power Finance & Risk, itself a recognized leader in the field.

“We look forward to continuing to serve our clients with the financing they need to develop renewable power generation, support economic development and create a cleaner, more sustainable environment for everyone.”

CIT consistently ranks among the top banks in leading financing for U.S. power and renewables projects, according to league tables compiled by Inframation, an Acuris company.

Earlier this year, CIT won three Stevie American Business Awards for business excellence, including a Gold award for Achievement in Management – Banking, a Silver award for FinTech Solution and a Silver award for Corporate Social Responsibility Program of the Year.