09/06/2026
DBSI PARTNERS WITH PARADISE TECHNOLOGIES TO SLASH POWER COSTS AND REDUCE CARBON FOOTPRINT.
As global fuel prices continue to surge, Solomon Islands businesses are feeling the pressure of rapidly rising electricity costs. The cost of power has climbed from $5.45 per kilowatt-hour (kWh) in February to over $8.00 per kWh in June — an increase of nearly 47 percent in just four months. In response to this growing challenge, the Development Bank of Solomon Islands (DBSI) has taken a decisive step forward by partnering with Paradise Technologies Solomon Islands Limited to implement energy-saving solutions across its operations.
On Friday, 5th June 2025, DBSI and Paradise Technologies Solomon Islands Limited — a member of the Paradise Group — formalized their partnership by signing a comprehensive energy supply agreement. Under the agreement, Paradise Technologies will supply, install, and maintain energy-efficient lighting and electrical equipment, including AC and Solar Solutions, across DBSI’s premises.
A standout feature of this arrangement is the zero-upfront-cost model. DBSI will not make any initial capital outlay. Instead, the monthly repayments will be drawn directly from the savings generated by the new energy-efficient system. This innovative financing structure ensures there is no additional pressure on DBSI’s cash flow, with a projected return on investment (ROI) period of 24 months.
Mr. Aisake Radu, Chief Executive Officer of DBSI, welcomed the agreement and highlighted its importance for the bank’s financial sustainability:
“This agreement and partnership is quite timely. Our power bills across our two premises currently quite high per month — and with electricity rates rising, that fixed cost is only going to increase. With this project, we are not paying anything upfront. Paradise Technologies will buy, install, and maintain the system, and we will repay the investment from our savings —per month. The payback period is around 24 months, and it does not significantly impact our budget. Beyond the financial benefits, we are also making a positive contribution to the environment by reducing our carbon footprint.”
Mr. Nivaskar Narayan, Chief Operating Officer of Paradise Technologies, outlined the expected outcomes of the new system:
“We are expecting savings of close to 50 percent in kilowatt-hour consumption. We will begin by monitoring current energy consumption using our installed meters, and we will share detailed reports with DBSI as the new system is implemented. Our approach focuses on kilowatt savings, as electricity rates continue to fluctuate — meaning the financial benefit will only grow as rates rise.”
The agreement was formally signed by Mr. Nathaniel Dawea, representing Paradise Technologies, and Mr. Aisake Radu, CEO of DBSI. The partnership reflects a shared commitment to sustainable energy practices, operational efficiency, and long-term cost management in the face of ongoing global fuel price pressures.
