Ashuganj Power Station Company Limited
A Bangladeshi state-owned electricity-generation company operating and developing power plants under the authority of the Bangladesh Power Development Board.
Last updated August 25, 2026
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Overview
Ashuganj Power Station Company Limited (APSCL) is a state-owned Bangladeshi power-generation company associated with the Ashuganj power complex in Brahmanbaria District. Its corporate headquarters are in Paltan, Dhaka, and it operates under the authority of the Bangladesh Power Development Board (BPDB), the public body responsible for much of Bangladesh's electricity-sector development. APSCL was established on 28 June 2000 as part of the Government of Bangladesh's Power Sector Development and Reform Program and was incorporated under the Companies Act, 1990. The company was created around the Ashuganj Power Plant, a major generation site commissioned in 1987 near the Titas Gas field. The location provides access to Bangladesh's domestic natural-gas infrastructure and places the company within one of the country's important electricity-generation corridors. APSCL's role has extended beyond operating the original station: it has developed additional generation capacity, arranged substantial project financing, and entered into construction and engineering agreements for further plants. In 2011, APSCL launched a new 50-megawatt power plant at Ashuganj Upazila. In December 2012, it obtained a $193 million loan from Standard Chartered Bank for the development of a combined-cycle power plant and a separate $420 million loan from HSBC Bank. These financing arrangements reflected the capital-intensive nature of Bangladesh's electricity expansion, in which new thermal and combined-cycle facilities were built to address rising demand and improve system capacity. The company continued pursuing large projects during the following decade. In July 2017, APSCL signed an agreement with China Energy Engineering Corporation for construction of the Patuakhali Power Plant. In December 2018, it signed agreements with eight financial institutions and banks to issue bonds worth 4.15 billion taka, with the proceeds intended to support construction of additional power plants. APSCL has also been involved in developing a 1,200-megawatt plant on the banks of the Meghna River in Brahmanbaria District with TSK of Spain. Ownership is overwhelmingly concentrated in BPDB, which holds 99.99 percent of APSCL's shares. The remaining 0.01 percent is distributed among government bodies connected with planning, finance, power, energy, mineral resources, and related administrative divisions. This ownership structure makes APSCL a public-sector infrastructure enterprise rather than a consumer-facing commercial brand. Its principal offering is electricity supplied to Bangladesh's national power system, while its broader institutional function is to develop, finance, and manage generation assets in support of national energy policy. The company's projects have also attracted environmental scrutiny. In particular, concerns have been reported about the possible effects of a proposed plant on Hilsha fish in the Meghna-region ecosystem. Hilsha is Bangladesh's national fish, making the issue both an ecological and a public-interest matter. APSCL's significance therefore combines its contribution to national electricity capacity with the environmental and financing challenges associated with large thermal-power projects.
History
Ashuganj Power Station Company Limited was established on 28 June 2000 under Bangladesh's Power Sector Development and Reform Program and incorporated under the Companies Act, 1990. Its creation formalized the corporate operation and expansion of the Ashuganj power complex, whose original power plant had been commissioned in 1987 near the Titas Gas field. The site became an important component of Bangladesh's electricity-generation infrastructure because of its association with the country's domestic natural-gas supply and its location in Brahmanbaria District. APSCL is controlled by the Bangladesh Power Development Board. BPDB holds 99.99 percent of the company's shares, while the residual 0.01 percent is held by a group of government ministries, divisions, and public-sector authorities dealing with planning, finance, power, energy, and mineral resources. The structure places APSCL within Bangladesh's state-owned electricity system and gives it a mandate centered on generation-asset development and operation rather than retail branding. The company expanded its generation portfolio in 2011 by launching a 50-megawatt plant at Ashuganj Upazila. The next major stage involved external project finance. In December 2012, APSCL received a $193 million loan from Standard Chartered Bank to establish a combined-cycle power plant and a further $420 million loan from HSBC Bank. These transactions supported the development of additional generation capacity during a period when Bangladesh was seeking to strengthen electricity supply and meet growing demand. APSCL's expansion continued through engineering and construction partnerships. In July 2017, it agreed with China Energy Engineering Corporation, a Chinese state-owned enterprise, to construct the Patuakhali Power Plant. On 24 December 2018, APSCL signed agreements with eight financial institutions and banks for a bond issue intended to raise 4.15 billion taka. The proceeds were designated for construction of new power plants, demonstrating the company's use of capital-market funding alongside conventional bank loans. The company has also been associated with construction of a 1,200-megawatt power plant beside the Meghna River in Brahmanbaria District, with TSK Spain identified as a project partner. The project has been the subject of environmental criticism because of possible effects on Hilsha fish populations in the river system. Hilsha is Bangladesh's national fish and an economically and culturally important species, so concerns about thermal-power development in its habitat have added an environmental dimension to APSCL's infrastructure program. Across its history, APSCL has therefore functioned as both an operating power company and a vehicle for public-sector generation expansion. Its development has involved state ownership, international bank financing, bond issuance, and partnerships with foreign engineering companies. The available reference material does not identify a current chief executive, a standalone corporate website, financial performance figures, or a separate listed-market identity for the company.
- 2018
Bond issue agreed for power-plant investment
[1]On 24 December, APSCL reached agreements with eight financial institutions and banks to issue bonds worth 4.15 billion taka for new power-plant construction.
- 2017
Patuakhali construction agreement signed
[1]The company signed an agreement with China Energy Engineering Corporation to construct the Patuakhali Power Plant.
- 2012
Combined-cycle project financing arranged
[1]APSCL received loans of $193 million from Standard Chartered Bank and $420 million from HSBC Bank for power-generation development, including a combined-cycle plant.
- 2011
50-megawatt plant launched
[1]APSCL launched a new 50-megawatt power plant in Ashuganj Upazila.
- 2000
APSCL established
[1]Ashuganj Power Station Company Limited was established on 28 June under Bangladesh's Power Sector Development and Reform Program and incorporated under the Companies Act, 1990.
- 1987
Ashuganj Power Plant commissioned
[1]The power plant around which APSCL was later formed was commissioned at Ashuganj near the Titas Gas field.
Products and positioning
A state-owned utility and power-infrastructure developer focused on expanding Bangladesh's electricity-generation capacity through thermal, combined-cycle, and other large-scale power projects.
Electricity generation · 1987
Ashuganj power generation
Electricity generated through the Ashuganj power complex and associated generation assets. The complex originated with a plant commissioned in 1987 and later became the operational foundation for APSCL. Power produced by the company is intended for Bangladesh's electricity system rather than direct consumer retail.
Thermal power generation · 2011
50-megawatt Ashuganj plant
A 50-megawatt generation facility launched by APSCL in Ashuganj Upazila in 2011. It represents one of the company's documented additions to the Ashuganj generation portfolio and forms part of its effort to expand electricity supply capacity in Bangladesh.
Combined-cycle power · 2012
Combined-cycle power generation
APSCL's combined-cycle generation program was supported by project loans arranged in 2012. The reference material identifies the financing and development objective but does not provide a complete technical specification or operating history for the facility.
Power-plant development
1,200-megawatt Meghna-side power plant
A planned or developing 1,200-megawatt power plant on the banks of the Meghna River in Brahmanbaria District, developed with TSK Spain. The project has been associated with environmental criticism concerning potential impacts on Hilsha fish in the surrounding ecosystem.
Brand decisions
2018
Bond financing for new power plantsStrategyBackground
APSCL required long-term capital for the construction of additional generation facilities.
Action taken
On 24 December 2018, the company signed agreements with eight financial institutions and banks to raise 4.15 billion taka through bonds.
Aftermath
The financing plan diversified APSCL's funding sources beyond bank borrowing. The reference material does not provide subsequent financial or construction results.
Bond proceeds. 4.15 billion taka (2018)
2017
International engineering partnership for Patuakhali plantStrategyBackground
APSCL sought to expand beyond its established Ashuganj base through the development of additional large-scale generation capacity.
Action taken
The company signed an agreement with China Energy Engineering Corporation to construct the Patuakhali Power Plant.
Aftermath
The agreement positioned a Chinese state-owned engineering company as a construction partner for APSCL's expansion program. The available material does not state the project's final completion status.
Recent events
- 2018
APSCL arranges bond financing for new power plants[1]
Other
The company signed agreements with eight financial institutions and banks to issue bonds valued at 4.15 billion taka for financing new power-plant construction.
- 2017
APSCL signs construction agreement for Patuakhali Power Plant[1]
Other
Ashuganj Power Station Company Limited signed an agreement with China Energy Engineering Corporation to construct the Patuakhali Power Plant.
Environmental concerns raised over proposed Meghna-side power plant[1]
Regulation · Other
The development of a proposed 1,200-megawatt facility in Brahmanbaria District has drawn criticism over potential risks to Hilsha fish inhabiting the surrounding river ecosystem.
Sources1 sources
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