Bolivia is becoming one of the leaders in South America's electrical supply industry as the nation now boasts a large surplus of megawatts after the construction of a new hydroelectric plant.

Bolivian President Evo Morales attended a ceremony on Sunday for the opening of a hydroelectric power plant in the South American country’s central region.

According to Prensa Latina, the San Jose II hydroelectric plant was built in the Colomi municipality, which is located inside the large city of Cochabamba in central Bolivia.

The new hydroelectric power plant will contribute 69 megawatts to the National Interconnected System (SIN) and raise the national electric supply to 2,300 megawatts. With this large increase, Bolivia will have a surplus of megawatts by approximately 800, as the domestic demand is estimated at 1,500 megawatts.

As a result of this move, Bolivia will have the resources to export its electricity supply to neighboring countries like Brazil, Argentina, Chile, and Peru.

“This year we are going to deliver 1,000 megawatts of thermoelectric plants (in Cochabamba, Tarija and Santa Cruz) and collectively we will have 3,300 megawatts. It is expected to begin this year with the export of 100 megawatts,” Morales stated on Sunday, as quoted by Prensa Latina.

Morales added that he became president of Bolivia, his country only generated 1,000 megawatts of electricity; however, since he took office, the Bolivian leader has invested heavily in improving the electric supply to the people of this South American nation.