Enphase to Cut 10% of Staff, Close Factories Amid Solar Slump

Enphase Energy Inc. will cut its workforce by 10% and close two contract factories to reduce costs amid a slowdown in the rooftop-solar sector.

The solar-equipment maker’s reductions will impact about 350 contractors and employees, according to a filing after the market closed Monday. Enphase will also shutter contracted operations at Wisconsin and Romania sites and “resize” other contracted locations.

“Over the last 12 months, the solar market has seen a lot of turbulence worldwide,” Chief Executive Officer Badri Kothandaraman said in a letter to employees that was included in the regulatory filing. High interest rates and the reduction of ...