UPDATE 2-Enphase Energy to cut about 10% of its global workforce

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Dec 18 (Reuters) - Enphase Energy said on Monday it will reduce its global workforce by about 10%, which will impact about 350 contractors and employees, as part of a restructuring plan as it streamlines operations to focus on clearing its excess inventory worldwide.

Metering reform in California, the country's largest solar power market, and high lending rates in the U.S. that caused a significant drop in consumer demand has dented appetite for solar inverters in the United States.

Growth for solar power has also slowed down in Europe, leading to high inventory levels for companies such as Enphase.

In a regulatory filing, Enphase said it is planning to reduce the capacity of its worldwide microinverter contract manufacturing operations to about 7.25 million units per quarter, down from its current capacity of about 10 million units per quarter, which would be in closer alignment to the expected demand.

As a result, it will cease operations at its contract manufacturing locations in Timisoara, Romania and Wisconsin, United States.

The solar inverter maker said it aims to cut expenses by consolidating facilities across the world and reduce its real-estate footprint, while also extending its hiring and travel freeze through 2024, with some exceptions.

Enphase said it expects to complete its restructuring plan within the first half of 2024.

All of these actions will result in a one-time restructuring and asset impairment charge of about $16 to $18 million, Enphase said.

The company expects adjusted operating expenses to be in the range of $75 million to $80 million per quarter in 2024.

(Reporting by Bhanvi Satija and Sriparna Roy in Bengaluru; Editing by Krishna Chandra Eluri)