Source: https://www.undp.org/sites/g/files/zskgke326/files/publications/2018%20DREI%20Off-Grid%20Full%20Report%20Final%20(20190306).pdf (pg. 15)

This term is used to describe financing in solar mini-grid applications in developing countries. I'm confused about this term, as its made up of individual terms that don't make sense to me altogether.

I know patient equity is an investment with non-immediate returns, and it makes sense because they have high initial capital costs, but what about "non-commercial"? I know that a commercial loan is between a business and a bank, the familiar definition that comes to mind associated with loans.


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