SolarCity (NASDAQ:SCTY.DL) has wrapped up an innovative financing arrangement. The company announced it has completed a securitization of its distributed energy assets, pocketing more than $54.4 million in financing. That facility is secured by a pool of the company's solar energy contracts. The deal is reported to be the first instance of a borrower drawing a loan backed by such assets.

The funding was effected via a private placement effected with sole structuring agent and book runner Credit Suisse. SolarCity is borrowing the money at an interest rate of 4.8%, and the facility matures in December 2026.

In the press release announcing the news, the company quoted CFO Bob Kelly as saying that "securitization gives us access to a new source of capital at a lower cost, and it allows us to more closely align our assets and liabilities." SolarCity offers fixed-price contracts, which mirror the fixed-rate structure of the debt facility.

At the end of its most recently reported quarter, the company had $136 million in cash and short-term investments and $250 million in long-term debt.