HP is going solar panels crazy with SunPower Corp. led a solar-power stock rally Wednesday after the company said it got a major contract and a $190 million financing agreement.

SunPower shares gained $12.76, or 12.1 percent, to $118.36 in midday trading.

Hewlett-Packard Co. said Tuesday it contracted with SunPower to install 5,000 solar panels on its San Diego facilities under the Access program, which allows companies to get free installation of solar systems if they enter long-term agreements to purchase solar electricity from SunPower.

On Wednesday, SunPower said it secured $190 million in financing from Morgan Stanley to fund solar-power installations under the Access program.

Other solar stocks were buoyed by analyst reports that deemed a recent solar-stock sell-off overdone and downplayed the impact of renewable-electricity measures possibly being left out of a Congressional energy bill.

Current expectations for growth in the solar market hinge on whether the bill extends the investment tax-credit for eight years, said Morgan Stanley analyst David Edwards. That extension would help drive down costs for solar industry expansion.

Congress is likely to spearhead a separate energy-tax package if certain measures don't make it into the current energy bill, said Cowen & Co. analyst Rob Stone.