FROM: Daesung Group

- Daesung launches a renewable energy to protect the pristine environment in the
   Galapagos Islands, a UNESCO World Natural Heritage Site
- Daesung will utilize the abundance of sunshine available in equatorial regions to supply 
   eco-friendly energy for local communities
- A meaningful milestone in the 50th years of diplomatic relations between Korea 
   and Ecuador 

[October 29, 2012] Daesung Group (Chairman: Younghoon David Kim) will launch a  renewable energy to protect the pristine environment in the Galapagos Islands, which inspired Charles Darwin to write On the Origin of Species and has been registered as a UNESCO World Natural Heritage Site.

Daesung ENC (President: Lee Seung-u), an affiliate of Daesung Group, announced on October 29, 2012 that the company has been selected for the Ecuador solar power plant project and signed an agreement with the Korean International Cooperation Agency (KOICA). As part of a consortium consisting of BJ Power, Ace Powertech and Toin Ad, Daesung ENC has been awarded the contract and will build solar power generation facilities and a public relations pavilion on Santa Cruz Island in the Galapagos Islands archipelago for the next 18 months.

The solar power project started as part of KOICA’s foreign aid program when the Ecuadorian government requested that Korea build environmentally-friendly power generation facilities on the Galapagos Islands. The solar power plant design and construction project is worth USD10 million and include a 1.5MW solar power conditioning unit and PR pavilion near Ayora City on Santa Cruz Island.

Santa Cruz Island has used diesel fuel to generate power but struggled with a large amount of exhaust emissions and power supply shortages. Daesung Group expects that the project harnesses plenty of sunshine in equatorial regions to make life better for local people and raise Korea’s status as a donor country in the global community.

Chairman Younghoon David Kim of Daesung Group said, “The project breaks ground in a year when Korea and Ecuador celebrate the 50th anniversary of diplomatic relations. It is meaningful in that it signals the start of the export of our renewable energy technologies to Latin America. We are committed to developing an environmentally clean future where man can coexist harmoniously with nature by providing green energy to the Galapagos Islands, an invaluable natural heritage for future generations. We hope that this project will provide an opportunity to accelerate our advance into the renewable energy, construction and civil engineering markets in Latin America.”

Armed with its proprietary hybrid solar-wind power generation technology, SolaWin, Daesung Group has successfully completed the Naran Project, the Green Eco-Energy Park (GEEP) Project and Mandakhsom Project in Mongolia. Building on its successful track record, Daesung has extended its market reach to Ethiopia, Kazakhstan and Bangladesh. Additional projects in regions such as Asia, Central Asia and Latin America are now under negotiation.

The Galapagos Islands are an archipelago of 19 islands, called living natural science museums, and are located in the equatorial Pacific, 973km off the west coast of South America. The Galapagos Islands are home to many diverse species thanks to their long distance from the continent and the absence of humans until the early 19 century. Charles Darwin visited the Galapagos Islands in 1835 and observed and collected various species for a month, which gave inspiration to his landmark book On the Origin of Species. The population in the Galapagos Islands has sharply increased to 25,000 since the first human settlement in the early 19 century. When a few species including giant tortoises were almost driven to extinction due to overfishing by local residents and whaling vessels using the islands as a supply station, the Ecuador government declared 97.5% of the archipelago's land area a national park, and the UNESCO named the Galapagos Islands a World Heritage Site In 1978.