The Matarbari power station is a proposed 1200 megawatt (MW) coal-fired in Matarbari, Cox's Bazar, Chittagong, Bangladesh. It is one part of the broader Maheshkhali power complex plan that includes several proposed coal and gas-fired plants. Matarbari power station is part of a large multi-plant complex being organized by the Bangladesh Power Development Board (BPDB). In August 2013 the BPDB announced that it intended to develop a multi-plant power complex at Cox's Bazaar, including both coal-fired plants and combined cycle gas-fired plants. The announcement stated that the BPDB "intends to build 6000 MW Ultra Super Critical Coal Based Thermal Power Plant and 3000 MW LNG Based Combined Cycle Power Plant in different phases at Maheshkhali Upazila in Cox’s Bazar District." The announcement stated that the fuel for the projects would be imported coal and liquified natural gas. Five thousand acres were in the process of aqcquisition, situated within Amabassaya, Honanok and Panir Chhara mouza of Hoanok Union and Gharibhanga mouza of Kutubjhom union under Maheshkhali upazila, Cox’s Bazar. Ultra-supercritical technology would be employed by the coal plants, which would be sized at 600 to 1000 MW per unit.

It was reported in March 2014 that "Coal Power Generation Company Bangladesh (CPGCB) will get $4.53 billion loan according to the agreement with Japanese donor agency Japan International Cooperation Agency (JICA) for the construction of a 1200MW coal-fired plant at Matarbari on Maheshkhali Island in Cox's Bazar. In February 2014, the Daily Star described the approximately $4 billion price-tag of the Matarbari project as "staggering." The paper reported that a feasibility study had been conducted for the project by Japan International Cooperation Agency (JICA) and Tokyo Electric Power (TEPC). According to the study, the cost was far higher than the 1320 MW Rampal power station, which would cost at least $1.5 billion. The reason for the high price of the Matarbari project is the additional components: river dredging, transmission, land acquisition (Tk350 crore), and a port on Sonadia Island capable of receiving and unloading large ships. Power would cost nearly Tk 7 per kilowatt hour when the plant goes into operation in 2023. The project would begin construction in 2017. The site has six threatened species, including one bird and five reptiles. The plant would use ultra-supercritical technology. Its cooling water would be discharged into the sea "at an ambient temperature." It would have "elaborate air and water pollution control arrangements." The study promised that the plant would provide "full electrification of the local community. As per the project's implementation schedule, the government needs to sign a loan agreement by late March and then appoint a consultant. But due to the volatile political situation since late last year, progress to this end has been stalled. Officials at this point are not sure about when the loan agreement could be signed and with whom. The schedule also says that the basic design, bid documents preparation and floating of the tender for prequalifying power companies for this project would be done within next year and the contract would be awarded in 2016 so that a 52-month construction can begin in 2017. However, in August 2014 the Planning Minister Mustafa Kamal announced that the Executive Committee of the National Economic Council (Ecnec) had approved the project and that the Japan International Cooperation Agency (JICA) funding for the project was US$3.8 billion as a "soft loan." The Minister stated that he hoped that the first 600MW unit of the plant would be commissioned in 2018. In January 2015 the project was approved as part of the government's priority-based "Fast-Track Projects". According to a February 2016 report, construction will begin in late 2016, with Sumitomo Corporation and Marubeni Corporation shortlisted to build the plant. The amount of the loan is US$3.7 billion, with an interest rate of 0.1 percent over 30 years after an initial 10-year grace period. The thermal efficiency of the plant is estimated at 41.3 percent. In November 2016 it was reported bidding between Marubeni Corporation and Sumitomo Corporation on constructing the plant would be extended to 2017. In January 2017 Marubeni and a consortium of Toshiba-Sumitomo submitted technical and financial bids for the US$4.5 billion coal project. In May 2017 it was reported that the bids had been evaluated and the contract was expected to be awarded by June 2017 and physical works by July 2017. In June 2017 it was reported that Marubeni had been rejected as its financial offer was allegedly not satisfactory. The technical evaluation committee (TEC) of the project has recommended Sumitomo Corporation as the eligible bidder. A pre-contract negotiation with Sumitomo is supposed to be finalised within two months. In July 2017 it was reported construction by Sumitomo Corporation would begin in August 2017, with operation planned for 2024. Sumitomo will also build the Matarbari Port. In September 2017 it was reported that a Japanese consortium comprising Sumitomo Corporation, Toshiba Corporation, and IHI Corporation signed an engineering, procurement and construction (EPC) contract for the 1,200 MW coal-fired power plant. It was reported as under construction and is expected to be completed in July, 2024.[15][16] In March 2018 it was reported that "two percent of the main work of this plant has been done", although it is preparatory land development work. The main construction work of the power plant is planned to start in 2020. In June 2018 the Japanese government approved a loan of US$608 million for the project, as part of its 39th Official Development Assistance (ODA) loan package.