Solar cell maker Motech Industries has announced it will be merge with fellow maker Topcell Solar International by swapping one Motech share for six Topcell's, with Motech to be the surviving company after the merger takes effect on July 1, 2015.

Specifically for the merger, Motech said it will issue 45.672 million new shares.

Foundry house United Microelectronics Corporation (UMC) holds a 92% stake of Topcell and will hold a 9% stake in Motech after the merger.

Motech and Topcell have annual production capacities of 2GWp and 1GWp respectively, and the merged firm will then have annual capacity of 3GWp, becoming the global largest solar cell maker.