SolarCity plans to issue a $54.42 million private placement of solar asset backed notes, the company said in a press release today.

The Series 2013-1 deal will have a scheduled maturity date of December 2026. The notes will be secured by a pool of photovoltaic systems and related leases and power purchase agreements and ancillary rights and agreements that will be owned by SolarCity LMC Series I, LLC.

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