CIT Group Inc. announced its Power and Energy business was named Renewable Energy Lead Arranger of the Year by Power Finance & Risk, a top 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.,” said David Harnisch, President of CIT’s Commercial Finance division, which includes the Power and Energy group.

“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,” said Mike Lorusso, who leads Power and Energy as Managing Director and Group Head. “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,” Lorusso added.

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 received a Stevie American Business award for achievement in banking management in recognition of its continuing success in financing renewable power projects and utility-scale battery storage projects across the U.S.

Power and Energy, part of CIT's Commercial Finance division, leverages its deep industry knowledge and expertise to offer comprehensive financing solutions for renewable and conventional power generation. The unit manages a large, diverse portfolio that includes investments in all asset classes across the energy sector.