It was created around Ashuganj Power Plant which was commissioned in 1987 and close to Titas Gas field.

[5] In December 2012, the company received 193 million dollar loan from Standard Chartered Bank to set up a combined cycle power plant and 420 million dollar loan from HSBC Bank.

[8] On 24 December 2018, Ashuganj Power Station Company Limited signed agreements with 8 financials institutions and banks to issue bonds and raise 4.15 billion taka.

The purpose of the bonds are to raise funds for building new power plants.

[9][10] The company is constructing 1200 Megawatt power plant along the banks of Meghna River in Brahmanbaria District with TSK Spain.