NWPGCL has not ample financial resources to establish a power plant independently. The solution for this was to form a joint venture. The Joint Venture Company (JVC) is a strategic alliance. It is primarily the vehicle for foreign investment in developing countries like Bangladesh. NWPGCL signed the Joint Venture Agreement (JVA) with CMC, China on 09.06.2014 in Beijing, China in presence of the Hon’ble Prime Minister of the Government of Bangladesh and her counterpart the Hon’ble Prime Minister of the People’s Republic of China in order to implement Payra 1320 MW Thermal Power Plant Project by using eco-friendly Ultra Supercritical Technology (UST) and by establishing a JVC. Then, Bangladesh-China Power Company (Pvt.) Limited (BCPCL) was formed and registered with the Registrar of Joint Stock Companies and Firms, Bangladesh on 01.10.2014 as a Joint Venture Company under the banner of NWPGCL and CMC to implement the said project. BCPCL is a specific type of strategic alliance in the form of joint venture in which the partners agree to run some business purposes. NWPGCL developed another strategic alliance with M/s Sembcorp Utilities Pte Ltd, Singapore. As a consequence, they formed another Joint Venter Company (JVC), namely – Sembcorp North-West Power Company Limited (SNWPCL), which was registered with the Registrar of Joint Stock Companies and Firms, Bangladesh on 07.01.2016. This Company has been implementing Sirajganj 400 MW (±10%) Combined Cycle Power Plant Project at the Sirajganj Power Generation Hub.
NWPGCL has a plan to develop the largest LNG-based power plant of the country having capacity of 3600 MW including LNG re-gasification terminal and gas pipelines in joint venture with Siemens AG, Germany adjacent to the existing Payra 1320 MW Thermal Power Plant site, Dhankhali, Patuakhali.