Cnn reports today that solar power has become a hot topic in growth funds.

Looking at some of the major solar power (OTCBB:SOPW) stocks, institutional ownership has shot up in the past quarter and has reached new highs over the past few weeks.

Cnn reports today that stocks involved in solar power are helping to drive IBD's 74-stock Energy-Other industry group, which ranks No. 3 this week in six-month price performance (see Page B4).

First Solar FSLR has gotten a big boost from funds such as American Century Vista TWCVX and AllianceBernstein (NYSE:AB) Mid-Cap Growth CHCLX.

Cnn reports today that Vista, in its latest reporting period, took a new position in the stock at 247,000 shares, or 1.1% of assets. The AllianceBernstein fund went to 89,000 shares from 11,000, bringing its total position to 0.2% of the fund.

First Solar, which went public in November last year at $20 a share, is trading at 167. Volume averages 2.9 million a day. The stock gapped higher in big volume Tuesday after announcing a multiyear deal with units of Babcock & Brown (OOTC:BBNLF) and Econcern to supply solar modules.

The company has shown triple-digit increases in sales over the past four quarters and has swung to profits from losses.

The company, based in the U.S. and Germany, makes solar panels for megawatt-scale power generation. That has been a hot topic with many alternative energy or green funds.