ENDE Valle Hermoso S.A.

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What it is

ENDE Valle Hermoso (EVH) is a Bolivian state power company that generates electricity and sells it into the national grid (the SIN); it directly operates three gas-fired plants — Valle Hermoso (117 MW) in Cochabamba, Carrasco (25 MW), and a third in El Alto. It is the only company in Bolivia that runs both thermoelectric and hydroelectric plants, with a combined thermoelectric installed capacity of around 300.6 MW.

Its subsidiary, Río Eléctrico S.A., operates three small hydro plants on the Río Yura — Kilpani, Landara, and Punutuma — with a combined capacity of 19 MW, under a joint contract with Bolivia’s state mining company, COMIBOL.

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Who owns it

EVH was created under Bolivia’s mid-1990s privatisation law, then fully renationalised on 1 May 2010 by Supreme Decree No. 493, transferring the entire share package to ENDE Corporación on behalf of the Plurinational State of Bolivia. ENDE Corporación itself sits under the Ministry of Hydrocarbons and Energy.

Not published: the exact percentage breakdown between ENDE Corporación and any minority shareholders is not disclosed in freely available BBV filings or the ASFI regulatory record at appweb.asfi.gob.bo. Bolivian securities regulation (ASFI’s Reglamento de Emisores) requires listed companies to disclose significant shareholdings, but this detail was not accessible in the public ficha retrieved from the BBV as of the date of this profile.

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Who runs it

The general manager — the top operating executive — is Marcelo Oliva Torrico, confirmed in that role as recently as September 2025. The board of directors is now chaired by Zvonko Matkovic — an economist and former president of the Legislative Assembly of Santa Cruz — who was appointed to the presidency of the directorio in early July 2026, reporting to the Ministry of Hydrocarbons and Energy.

ASFI’s regulatory record also shows that Oscar Ricardo Morales Varas was ratified as interim Operations and Commercial Manager from 13 June 2024. No CFO is named in any publicly accessible filing.

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The money, in plain words

Not published: EVH’s annual revenue, net profit, total assets, net margin, return on equity, price-to-earnings ratio, and dividend yield are not available in any freely accessible primary source. The BBV’s financial-statements page (bbv.com.bo/estados-financieros-por-emisor) lists EVH as an issuer, but the underlying PDF ficha (VAH_CAR.pdf) timed out and the capital figures within it were redacted in the snippet returned.

The ASFI regulatory card at appweb.asfi.gob.bo/Reportes_asp/rmi/tarjeta.asp?c=51804&t=2 likewise returned only a governance notice. Paywalled aggregators (EMIS, BNAmericas) hold the audited financials but do not publish them freely.

Bolivia’s Ley del Mercado de Valores (Law 1834) and ASFI’s Reglamento de Registro del Mercado de Valores require annually audited financial statements to be filed with ASFI and the BBV, so these figures exist on record — they are simply not freely downloadable at this time.

The one directional signal available from a commercial aggregator is that net sales revenue fell roughly 15% in the most recently reported year, while total assets edged up about 1% — suggesting the revenue decline reflects pricing or dispatch conditions rather than asset deterioration. Investors seeking the underlying boliviano figures should request them directly from the BBV or ASFI.

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What it is doing now

As of March 2025, Bolivia’s ministry of hydrocarbons reported that EVH’s Ivirizu hydroelectric project had reached 91.5% physical completion, with 290 MW of new clean-energy capacity to be added to the national grid. Total project investment stands at BOB 4,192 million (US$426 mn) (about $425.6 million at the current exchange rate of 9.85 BOB per dollar) — our calculation.

A landmark moment came in December 2024, when President Luis Arce joined ENDE Corporación to launch the filling of the Sehuencas reservoir — the tallest dam Bolivia has ever built. EVH has declared that completing Ivirizu is the defining priority of its 2026 management agenda.

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What to watch

• Ivirizu commissioning: The Juntas plant (90 MW) and Sehuencas plant (approximately 200 MW) together make up the 290 MW Ivirizu system; the precise commissioning date — and any further cost overruns — is the single biggest near-term event for the company.
• Revenue recovery: A reported ~15% revenue drop in the latest year is worth tracking against the backdrop of Bolivia’s broader electricity-pricing regime, which is set by regulator AETN, not by EVH itself.
• Governance change: The new board chair, Zvonko Matkovic, took office in July 2026; any shift in strategy or capital allocation under his leadership would be the first signal to read.
• Disclosure: Investors cannot yet assess valuation without freely available audited accounts; pressure to improve public disclosure is a structural risk for minority bondholders.

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This is news, not investment advice.