India's Recent Blackout Could Benefit First Solar (FSLR)

First Solar (Nasdaq: FSLR) shares are ripping early Thursday following reports that it is gearing up for a massive expansion in an expanding market.

Bloomberg notes how First Solar could be on the cusp of grabbing 20 percent of India's photovoltaic (PV) module market in expanding its role as a supplier. An energy supplier. Comments were made by the head of First Solar India, Sujoy Ghosh.

First Solar is making a bet that building plants and selling the power would be a better move than trying to compete with Chinese firms on panel prices. Over the last year, PV prices have slipped 47 percent, make price competition a frivolous one.

Earlier in the month, India suffered through one of the worst power blackouts in history, leaving about half the country in the dark. India's Ministry of New and Renewable Energy has said the country relies on 30-GW of backup generators when the power goes out, according to Bloomberg.

Currently, India boasts 1.03-GW of solar power. However, new government contracts and subsidies make it ripe for First Solar to lock-in their own power sources and sell energy directly to businesses.

Shares of First Solar are up 3 percent early, just off of session highs.

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