Lebanese group Phoenix Energy, has won a contract from the Egyptian government to build a big solar power farm near Luxor and Aswan region in the country.

Under the contract, the company will be installing around 200,000 solar panels on a land area of 1.1 million sq m to produce a 62 megawatt peak, reported the Lebanese portal Businessnews.

The electricity production will be sold to Egypt for $16 million, yearly, at a price of 14.35 cents per kilowatt hour, the report stated.

Phoenix Energy is one of 40 companies working on the project and the only Lebanese company to qualify.

The construction work on the soalr farm is likely to start in November, it added.