Empresa Eléctrica ENDE CORANI S.A.

What it is

ENDE CORANI S.A. was incorporated in May 1995 and exists to generate and sell electricity, including transmission associated with that generation, under Bolivia’s Electricity Law. Its flagship asset, the Corani hydroelectric plant — Bolivia’s oldest, commissioned in 1967 — produces 64 MW; directly downstream sits the Santa Isabel plant, which began operating in 1973 and produces 91 MW.

The company also runs the Qollpana wind farm in Pocona municipality, feeding all output into Bolivia’s national grid (the SIN), and operates both hydro stations in the Chapare province of Cochabamba department. Beyond generation, it provides operation, maintenance and management services, as well as commercial, financial and engineering consulting to related parties in the electricity sector.

Who owns it

On 1 May 2010, Supreme Decree N° 0493 nationalised the company in favour of ENDE Corporación, the state electricity holding, which has held more than 97% of shares ever since; the company kept its commercial legal structure under the Commercial Code. The remaining minority shares are held by two pension funds: Futuro de Bolivia S.A. and BBVA Previsión S.A.

ENDE Corporación is itself a state entity of the Plurinational State of Bolivia, so the ultimate owner is the Bolivian government. The free float on the BBV is negligible, and no active secondary market price is published.

Who runs it

Jorge Méndez Marquina is the General Manager (Gerente General) of ENDE CORANI S.A.; at the company’s 2025 public accountability hearing he committed to reversing delays in the Miguillas hydroelectric project, and has led corporate meetings with technical staff on operations and maintenance.

On 5 June 2024, the acting General Manager designated Jonhy Llanque Chavez as Administrative and Financial Manager (Gerente Administrativo Financiero), effective 6 June 2024, replacing Aldo César Maldonado Fernández who returned to his role as Head of Accounting. The board composition follows the standard ENDE Corporación governance structure for its listed subsidiaries; individual director names are not published in the open BBV or ASFI filings reviewed.

The money, in plain words

Not published: the audited annual financial statements (estados financieros con auditoría) are listed as a menu item on endecorani.bo and are required to be filed with ASFI under Bolivian securities law (ASFI Resolution N°1192/2017 and the Reglamento del Mercado de Valores), but the PDFs behind that link did not load during research, and the BBV ficha (COR_CAR.pdf, data to 31 Dec 2025) contains share-structure and valuation methodology but no income-statement figures. The ASFI emitter card (appweb.asfi.gob.bo) likewise shows only governance notifications.

The EMIS commercial database, which aggregates Bolivian filings, records 389 employees in 2026 and notes that net sales revenue rose 12.51% in 2025 — but the underlying boliviano figures are behind a paid subscription wall and cannot be independently verified here. Until ENDE CORANI publishes machine-readable financials on its transparency page or the BBV data portal, precise revenue, profit, margin and return figures cannot be responsibly stated.

What it is doing now

The company’s defining task is completing the Miguillas Hydroelectric Project in La Paz department’s Inquisivi province — a nearly $450 million investment that will add 205 MW through two new plants (Umapalca, 86 MW; Palillada, 119 MW). As of mid-2024 the project was 46% physically complete, with the first phase targeted for 2025 and the second for 2026.

The project is being financed with a credit from Bolivia’s own Central Bank (Banco Central de Bolivia), underlining its strategic importance to the state. At the 2025 public accounts hearing, General Manager Jorge Méndez Marquina publicly acknowledged that the project is running behind schedule and committed to correcting that.

What to watch

• Miguillas delivery: The project was originally due to finish in 2019 but stalled for three years after its Spanish contractor, Corsán Corviam, walked off the site. Any further slippage would directly delay Bolivia’s electricity capacity expansion and the company’s ability to grow revenue.
• Financial transparency: Annual audited accounts are a regulatory requirement; investors and analysts should monitor whether the company’s transparency page and the BBV filing system carry the full income statement and balance sheet for 2024 and 2025 in accessible form.
• State ownership risk: With ENDE Corporación holding more than 97% of shares, tariff decisions and capital allocations are set by government policy, not market signals — a structural constraint on minority shareholders and bond investors alike.
• Renewable capacity growth: ENDE CORANI is positioned as ENDE Corporación’s flagship clean-energy subsidiary, dedicated to hydro and wind generation. New wind and solar mandates from Bolivia’s energy transition policy could push further capital toward the company or its project pipeline.

This is news, not investment advice.