NWPGCL has formed several joint venture companies to achieve technological and financial synergies, including quick project financing and securing foreign direct investment in the country. The Joint Venture Companies (JVC) were basically formed as strategic platforms to secure foreign investments for development projects.

NWPGCL signed the Joint Venture Agreement (JVA) with CMC, China on 09 June 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 Ultra Supercritical Technology (UST) and by establishing a JVC. Then, Bangladesh-China Power Company (Pvt.) Limited (BCPCL) was constituted and registered with the Registrar of Joint Stock Companies and Firms, Bangladesh on 01 October 2014 as a Joint Venture Company under the banner of NWPGCL and CMC to implement the said project. BCPCL is a particular type of JVC in which the participants intend to follow some business objectives for the execution of coal-fired mega projects. BCPCL has already implemented Payra 1320 MW Thermal Power Plant (Phase I) and the implementation of Payra 1320 MW Thermal Power Plant Project (Phase II) is in progress. For evacuating the power generated at the Payra Power Generation Hub, a double-circuit overhead 400 kV Transmission Line project is being implemented by BCPCL from Payra to Aminbazar (Dhaka) via Gopalganj.

NWPGCL has also developed strategic alliance with M/s Sembcorp Utilities Pte Ltd, Singapore and formed another Joint Venture Company, 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 already established Sirajganj 414 MW Combined Cycle Power Plant (Unit-4) at the Sirajganj Power Generation Hub.

To increase the footprint for renewable energy as per the policy of GoB, the Company has signed MoU with CMC on 27 August 2019 in order to establish a JVC to implement 500 MW renewable energy-based power plants across the country. The Joint Venture Agreement (JVA) between the NWPGCL and CMC was signed on 14 July 2020 and subsequently a Joint Venture Company named Bangladesh-China Renewable Energy Company (Pvt.) Ltd. (BCRECL) was formed. Presently, development activities of Pabna 60 MW Solar Park Project, Payra 50 MW Wind Project and Sirajganj 68 MW Solar Park Project are being carried out under the jurisdiction of the newly formed company.