Khulna Power

What Khulna Power does

Khulna Power Company Ltd. (KPCL) is a Bangladesh-domiciled, publicly listed (DSE: KPCL, CSE) independent power producer incorporated on 15 October 1997 as the country's first IPP under the Private Sector Power Generation Policy. The company operates thermal power generation assets totaling 155 MW combined capacity — a 115 MW HFO-fired plant in Khulna and a 40 MW HFO-fired plant in Noapara, Jashore — utilizing barge-mounted plant architecture and specialized lagoon construction to address Bangladesh's infrastructure constraints. Electricity is sold exclusively to the Bangladesh Power Development Board (BPDB) under bilateral Power Purchase Agreements, initially on a 5-year rental basis subsequently renewed, and later transitioning to a 'No Electricity No Payment' (NENP) arrangement without guaranteed off-take. Operations and maintenance are conducted through subsidiary Khulna Power Operations and Services Ltd. (KPOSL), and the company is owned by United Group and Summit Group, which assumed full ownership in 2008–2009 after international partners El Paso, Coastal Power, and Wärtsilä divested.

The business model is a single-revenue-stream, single-customer regulated IPP with two distinct revenue mechanics: (i) recurring usage-based electricity supply to BPDB, and (ii) one-time asset-sale proceeds from divested generation assets. The company filed disclosures with DSE/CSE indicating sale agreements for both the 115 MW Khulna plant and the 40 MW Noapara plant, both of which were shut down in August 2024 by Government decision and reclassified as Assets Held for Sale. The corporate entity continues listed-company operations (AGMs, financial reporting, dividend compliance through 2025–2026), but core generation revenue has effectively ceased, positioning KPCL in a wind-down and asset-divestiture phase rather than active operating growth. No technology pipeline, new geographic markets, or product diversification has been disclosed.

Name

Khulna Power

Legal name

Khulna Power Company Ltd.

Website

https://khulnapower.com

Company type

Public

Founded year

1997

Operating status

Operating

Headcount range

1–10 employees

Short description

Khulna Power Company Ltd. (KPCL) is Bangladesh's first Independent Power Producer, operating 155 MW of HFO-fired thermal capacity (Khulna 115 MW, Noapara 40 MW) and supplying electricity exclusively to BPDB under PPAs. Both plants were shut down by government order in August 2024 and are held for sale.

Ownership category

akta.pro rank

Product category

Independent Power Production

NAICS

Fossil Fuel Electric Power Generation (221112), Electric Power Generation (22111)

SIC

Electric Services (4911)

akta.pro primary industry

Gas-Fired Power Plant Development & IPP Ownership (Greenfield/Brownfield) (EUACABAI)

Keywords

• Independent power production
• Thermal power generation
• Electricity supply
• Power purchase agreements
• Barge-mounted power plant

Headquarters

HQ city

Dhaka

HQ country

Bangladesh

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Supply Chain, Operations, Infrastructure, Personnel

Revenue model

1. Electricity Supply (Rental Basis): KPCL supplies electricity to the Bangladesh Power Development Board (BPDB) under rental contracts. Initially 5-year contracts extended multiple times. Later transitioned to 'No Electricity No Payment' (NENP) basis without guaranteed off-take.
2. Power Plant Sale: The company has disclosed sale agreements for both KPC Unit II 115MW Plant and KPC 40MW Noapara Plant, indicating potential asset divestiture as part of business restructuring.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Khulna Power Company Ltd. (KPCL) is Bangladesh's first Independent Power Producer (IPP), generating electricity from Heavy Fuel Oil (HFO)-fired thermal power plants with a combined installed capacity of 155 MW (115 MW at Khulna Unit II and 40 MW at Noapara, Jashore). It sells electricity to the Bangladesh Power Development Board (BPDB) under Power Purchase Agreements (PPAs) and operates the country's first barge-mounted power plant. Operations and maintenance are delivered through its specialized subsidiary Khulna Power Operations and Services Ltd. (KPOSL).

Product overview

Khulna Power Company Ltd. (KPCL) operates as Bangladesh's first Independent Power Producer (IPP), established under the Private Sector Power Generation Policy. The company operates power generation facilities including a barge-mounted plant (first of its kind in Bangladesh), a 115 MW plant in Khulna, and a 40 MW plant in Noapara, Jashore. KPCL supplies electricity to the Bangladesh Power Development Board (BPDB) under power purchase agreements. The company also provides operation and maintenance services through its specialized subsidiary Khulna Power Operations and Services Ltd. (KPOSL).

Differentiator

Problem solved

Functional benefit

Products and services

• Electricity Supply under Power Purchase Agreement Bulk electricity generation and supply delivered to the Bangladesh Power Development Board (BPDB) under bilateral Power Purchase Agreements, initially on a rental basis and later under 'No Electricity No Payment' (NENP) terms. Power feeds directly into the national grid to supply industries and households across Bangladesh.
• KPC Unit II 115 MW Power Plant (Khulna) 115 MW HFO-fired thermal power plant located at Goalpara, Khalishpur, Khulna, supplying electricity to BPDB under a rental PPA framework. Currently held for sale following the August 2024 government-mandated shutdown.
• KPC 40 MW Noapara Power Plant (Jashore) 40 MW HFO-fired thermal power plant located at Noapara, Avaynagar, Jashore, supplying electricity to BPDB under a rental PPA framework. Currently held for sale following the August 2024 government-mandated shutdown.
• Power Plant Operation and Maintenance Services Specialized operations and maintenance (O&M) of KPCL's power plants, delivered through wholly-owned subsidiary Khulna Power Operations and Services Ltd. (KPOSL), providing skilled professional management and technical support from equipment manufacturers.

Quantifiable outcome

• Full commercial operations since October 13, 1998
• +1 more outcomes

Named customers1 record

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

One partnership is on record.

• Khulna Power Operations and Services Ltd. (KPOSL)coreStrategic or Co-development Partner · 1 January 2010Specialized subsidiary company engaged in power plant operation and maintenance. A team of highly skilled professionals manages operations, with support from equipment manufacturers for technical issues. This subsidiary enables KPCL's professional O&M capabilities.

Scale indicators3 records

Recent moves9 records

Expansion highlights2 records

Others

• ContourGlobal: London-headquartered IPP operator focused on emerging markets with thermal and renewable generation across multiple geographies; comparable as a privately-funded emerging-market IPP platform that has navigated similar policy and offtake dynamics as KPCL.
• Wärtsilä Corporation: Finland-based power generation equipment manufacturer and former minority shareholder/technology partner of KPCL (divested 2009); relevant as the OEM of KPCL's generating equipment and as a major supplier to Bangladesh's broader IPP ecosystem.
• Sembcorp Industries: Singapore-listed energy and urban development group with significant Bangladesh power generation operations and emerging-market IPP expertise—useful comparable for international investors benchmarking emerging-market thermal IPP valuation and transition risk.

Broad incumbents

• Dhaka Power Distribution Company (DPDC): Government-owned power distribution utility serving Dhaka; comparable as a regulated Bangladesh power sector entity receiving BPDB-allocated generation, though positioned downstream of KPCL in the value chain.
• Dhaka Electric Supply Company (DESCO): State-owned electricity distribution utility serving Dhaka region; comparable as a Bangladesh power sector player with BPDB oversight, though operating downstream in distribution rather than IPP generation like KPCL.

Regional players

• Acme Solar Holdings: India-based IPP with expanding South Asia renewables portfolio including Bangladesh; comparable as a regional IPP operator but in solar rather than thermal, illustrating the transition away from HFO that threatens KPCL's asset class.

Direct peers

• Summit Power International: Sister company under common ownership with KPCL's co-owner Summit Group; one of Bangladesh's largest IPPs operating multiple gas-fired and thermal power plants supplying BPDB under similar PPA structures—closest functional and governance comparable.
• Beximco Power Company Limited: Subsidiary of Beximco Group operating combined-cycle gas-fired IPPs in Bangladesh supplying BPDB; comparable IPP business model and government off-take structure despite different fuel.
• United Power Generation & Distribution Company Ltd. Another sister IPP under United Group (KPCL's other co-owner); operates gas-fired and HFO power plants in Bangladesh selling electricity to BPDB under PPAs—shares the same ownership DNA, customer, and PPA-driven business model.
• Baraka Power Limited: Bangladesh-based IPP listed on DSE/CSE operating HFO and diesel-fired power plants under BPDB PPAs—directly comparable fuel mix, customer concentration, and small-mid scale profile similar to KPCL.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat3 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/kpcl

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Khulna Power