Shanghai Electric chosen to build plant in Botswana

Shanghai Electric Group Co, China's biggest maker of power equipment, was chosen by CIC Energy Corp to build a power plant at the Mmamabula Coal Field in Botswana.

The 1,320-mW plant should start in late 2012 or early 2013, CIC said in a statement Monday.

The cost of the plant and mine is estimated at about $3 billion and a "large segment of funding is being targeted from a Chinese export credit agency", CIC said.

Some funding may also come from South Africa's commercial banks and Toronto-based CIC is also in talks with potential partners to take an equity stake in the Mmamabula plant.