[1][2] It is a joint venture between the North-West Power Generation Company Bangladesh Limited (NWPGCL) and China National Machinery Import and Export Corporation (CMC).

On 19 March 2015, a deal was signed between NWPGCL and the CMC to set up the Payra Power Plant.

[4] The joint venture was named Bangladesh-China Power Company Limited (BCPCL).

[4] On 29 March 2016, BCPCL signed an engineering, procurement and construction (EPC) contract with consortium of NEPC &CECC for the installation of the power plant.

On 21 March 2022, PM Sheikh Hasina inaugurated the power plant after it was fully completed.