First Solar Inc shares rose more than three percent on Friday after it announced the signing of a long term supply deal for rooftop and free fields solar projects with Pfalzsozar GMbH, a unit of German Pfalzwerke AG.

First Solar said the deal reinforces relationships with utility-owned project developers and demonstrates that local utilities increasingly see photovoltaic power as a necessary component of their future electricity generation portfolio. The signing also helps the firm fulfill its “ambitious” growth targets.

In its first fiscal quarter, First Solar’s net income was $164.6 million or $1.99 per share, up from $46.6 million or $0.57 per share on the same quarter a year ago. Revenues were $418.2 million, up from $196.9 million in the first quarter of fiscal 2008.

Shares of First Solar rose 3.4 percent, or $6.25 to close at $190.00 on the Nasdaq stock market.