China-based LDK Solar has completed the sale of an 18.46% stake in its polysilicon manufacturing business unit for $240m.

The stake has been purchased by China Development Bank International Holdings, Apollo Asia Investment, and Excel Rise Holdings and Prosper East, investment funds affiliated with China Construction Bank Corporation.

The stake sale is in line with the subscription agreement entered into by the parties on 30 December last year and subsequent to the receipt of Chinese governmental approvals.

LDK Solar will hold the remaining 81.54% interest in the polysilicon business.

LDK Solar manufactures polysilicon, mono and multicrystalline ingots, wafers, cells, modules, systems, power projects and solutions.