Today, solar stocks found new highs and incredible one-day gains on news of new production contracts by First Solar, Inc.

Thin-film solar panel manufacturer First Solar Inc. announced five new contracts totaling $1.28 billion in revenue. Shares of the company hit an all-time high today at $115.87, for a one-day increase of $19.50, representing a 20% gain in heavy volume trading. Shares of First Solar have nearly quintupled since shares started trading in November of 2006.

The new contracts for First Solar constitute 685 MW worth of solar modules for EDF Energies Nouvelles, Sechilienne-Sidec, RIO Energie GmbH & Co. KG and SunEdison LLC.

First Solar’s sales grew from 146% to 392% year over year the past four quarters. Earnings rose 188% to 220% the past three quarters. The company beat analysts’ profit estimates by 100% and 271% the past two quarters.

First Solar also announced the approval of constructions plans for a new plant in Malaysia that will add 120 MW of production capcity per year.

Elsewhere in the solar sector:

JA Solar shares rose $5.51, or 14.8 percent, to $42.76.
Suntech stock gained $1.57, or 4.1 percent, to $39.56.
Solarfun Power Holdings Co. Ltd. shares added $1.28, or 11.4 percent, to $12.53.
Shares of Evergreen Solar Inc. were up 59 cents, or 6.1 percent, to $10.27.
Yingli Green Energy Holding Co. Ltd. moved up $2.46, or 15.9 percent, to $17.96.
LDK Solar Co. Ltd. stock advanced $2.84, or 8.5 percent, to $36.37.