Residential and small commercial solar energy integrator Real Goods Solar said it signed a multi-site contract to design and install 790 kilowatt of photovoltaic systems, sending its shares up nearly 16 percent.

The systems will be installed across four affordable housing communities, including three in San Francisco and one in Richmond, California, the company said.

Real Goods Solar said the systems will be financed through a power purchase agreement, which will allow the properties to use the solar power without upfront capital costs or operational expenses.

Shares of the company rose nearly 16 percent to a high of $3.50, before paring some gains to trade up 38 cents at $3.41.

The stock, which has so far more than doubled from a March year-low, was among the highest percentage gainers Wednesday on Nasdaq.

(Reporting by Adveith Nair in Bangalore; Editing by Ratul Ray Chaudhuri)