Hoku Scientific Inc. has completed a deal in which it transferred a majority stake in the company to a Chinese firm.

Hoku, which is building a polysilicon plant in Idaho, issued more than 33 million shares of its common stock to Tianwei New Energy Holdings Co. after receiving financial help from the Chengdu-based company, according to a Hoku news release.

In addition to the 60 percent of Hoku's shares that it now owns, Tianwei has the option of acquiring another 10 million shares under the agreement.

Tianwei got the ownership stake in return for canceling $50 million Hoku owed to it and arranging $50 million of financing through the China Construction Bank.

Tianwei also may help obtain more financing to finish construction on Hoku's $390 million polysilicon plant in Pocatello, Idaho.

"We are extremely pleased to have closed our financing with Tianwei," said Dustin Shindo, chairman and chief executive officer of Hoku.

Tianwei New Energy Holdings has assets of about $400 million, according to the release. It is a subsidiary of Baoding Tianwei Group Co. Ltd., a leading Chinese manufacturer of power transmission equipment and green energy products.