Power is the prime mover for the economic development of a country. For sustainable growth of GDP, Bangladesh needs sustainable, reliable, and cost-effective power generation for feeding its emerging economy. The Government has launched immediate, short, mid, and long-term programs in order to generate 24,000 MW by 2021, 40,000 MW by 2030, and 60,000 MW by 2041 through the introduction of fuel mix, public-private partnerships for mobilizing finance, demand-side management, and energy efficiency. North-West Power Generation Company Limited (NWPGCL) along with other generation entities has been entrusted to achieve this target of the Government.
Since NWPGCL is not alone still not financially sound to install a coal-based megaproject, the solution was to establish a strategic alliance of joint venture. For this purpose, NWPGCL signed a Joint Venture Agreement (JVA) with CMC on 09.06.2014 at the Great Hall of the People, Beijing, China in presence of the Hon’ble Prime Minister of the People’s Republic of Bangladesh Her Excellency Sheikh Hasina, and her counterpart the Hon’ble Prime Minister of the People’s Republic of China His Excellency Li Keqiang in order to implement Payra 1320 MW Thermal Power Plant Project through the establishment of a Joint Venture Company (JVC). In this perspective, Bangladesh-China Power Company (Pvt.) Limited (BCPCL) was incorporated with the Joint Stock Companies and Firms (RJSC), Bangladesh on 01.10.2014 under the provision of the Companies Act, 1994. The ratio of ownership of this Company between NWPGCL, Bangladesh, and CMC, China is 50:50.