Chinese solar manufacturer LONGi, the largest in the world, is planning to lay off nearly one-third of its staff amid overcapacity and competition, Bloomberg News reports.

“Several people familiar with the matter, including some briefed by senior management” relayed the news to Bloomberg. The company has not officially announced the 30% reduction yet and said Bloomberg’s report is inaccurate, instead saying the number is closer to five percent. LONGi began layoffs in November, Bloomberg reports, but it’s unclear how many people have been laid off since then.

Solar faces an “increasingly competitive environment,” LONGi said in a statement provided to Bloomberg News. “In order to adapt to market changes and improve organizational efficiency, Longi is optimizing our workforce.”

The worldwide solar industry is grappling with similar market conditions. In January, SolarEdge Technologies, a provider of DC-optimized inverter systems, announced it was laying off 16% of its global workforce, or about 900 employees, with 500 of the affected employees working at the company’s manufacturing sites. The move followed SolarEdge’s discontinuation of manufacturing in Mexico, reduction of manufacturing capacity in China, and termination of its light commercial vehicle e-mobility activity. Later in January, Aurora Solar laid off 20% of its staff, o