Why First Solar (FSLR) Hit a One-Year High Today (Update)

Update (4:25 p.m.): Updated with one-year high price and Wednesday market close information.

NEW YORK (TheStreet) -- First Solar  (FSLR) rose more than 20% to a one-year high of $70.99 on Wednesday after the company announced a partnership with GE  (GE) to create a productive, cost-effective utility-scale PV power plant design.

The design would incorporate First Solar's thin-film CdTe modules and GE's new ProSolar 1500 Volt inverter/transformer system. First Solar Vice President of Product Management Mahesh Morjaria said in a statement that the company has already selected upcoming projects to roll out the new 1500v system. The 4MW ProSolar 1500V station is the largest inverter in the industry capable of accommodating 1,500 volt DC solar arrays. This is a key factor in utilizing economies of scale because it can greatly increase the array size and decrease the number of inverters necessary at a solar power plant.

First Solar also announced that it expects production of 1.9 GW to 2 GW in the full fiscal year 2014 and expects capital expenditures of $300 million to $350 million.

Finally, First Solar announced it had broken its own world record for cadmium-telluride (CdTe) photovoltaic (PV) module conversion efficiency, with a 17% total area module efficiency in tests performed by the U.S. Department of Energy's National Renewable Energy Laboratory (NREL). This broke First Solar's own record of 16.1% in April 2013. The company also announced weeks ago that it set a world record in CdTe research cell efficiency at 20.4%.

The stock closed at $69.40, up 20.57% or $11.84 from its previous close of $57.56. It amassed a volume of 29,588,702, more than 7 times its average of 3,988,230.

If you liked this article you might like

3 'Orphan Stocks' to Consider Adopting

Alaska Air, Corcept Therapeutics, First Solar: 'Mad Money' Lightning Round

Markets Focus on Business: Cramer's 'Mad Money' Recap (Monday 8/28/17 )

First Solar Warms Up

First Solar Awarded 241MW Supply Contract for Edify Energy