The government fully recognizes the fact that public sector investment alone is not sufficient to achieve its target and has aimed at mobilizing resources from the private sector investments. Private power production units are approaching half of total installed capacity. considering the immense opportunities, the company is established EPV Chittagong Limited based on HFO (Heavy Fuel Oil)  based IPP (Independent Power Producer) plant at Patiya, Chittagong with 108MW capacities with a 15 years facility to the BPDB.

The Implementation Agreement (IA) of the project was executed on Auguest 25, 2011. Parties to the IA had been (i) the Project Company i.e. EPV Chittagong Limited in relation to the 108MW Power Plant projecct (ii) the Govenment of Bangladesh (GOB) and (iii) the Bangladesh Power Development board (BPDB).

The Power Purchase Agreement (PPA) for 108MW net of EPV Chittagong Limited was signed in August 25, 2011, between BPDB and EPV Chittagong Ltd. Under the terms of the PPAs EPV Chittagong Ltd. agreed to maintain the power plants and deliver electric energy produced at the power plants exclusively to BPDB and BPDB agrees to purchase form EPV Chittagong Ltd. the net energy output.