It seemed for a bit that there was destined to be some bloodletting for cleantech concerns in 2008. And there may very well be. But if First Solar is any indication, things may just turn out OK for solar, even in the face of a down economy.

This CNNMoney report explains why:

The solar-module maker said fourth-quarter earnings soared more than 500% from the year-ago period to 77 cents per share. That smashed the average estimate of 53 cents among analysts polled by Thomson Financial.

Sales nearly quadrupled to $200.8 million, topping views of $179.6 million.

Clearly aiding First Solar financials are its "hot off the presses" manufacturing techniques and CdTe (cadmium and tellurium) thin film technology that doesn't rely on silicon, which is perpetually in tight supply. This, plus plans to ramp up production, has imbued the firm with bullishly sunny optimism.

For 2008, the company raised its sales outlook to $900 million-$950 million; it previously had forecast sales of $760 million-$800 million. The new outlook also topped analysts' average forecast of $820.5 million.

According to the company's site, "First Solar has long term module supply contracts in place with leading solar project developers for more than 3.4 gigawatts of PV [photovoltaic] modules through 2012."

3.4 gigawatts! Obviously, the thin film stigma is wearing off.

Here's another perspective from Earth2Tech's Katie Fehrenbacher.