Since 2010, the World Bank Group’s Lighting Africa program has comprehensively analyzed and documented the rapid evolution of the off-grid solar devices and services market. The 2010 and 2012 market trends reports become touchstones for the industry, just as the 2016 edition is expected to be. This third incarnation captures the rapid evaluation that is happening in the market, and is a collaboration between Lighting Global (the World Bank Group’s expanded platform to support the global market) and Bloomberg New Energy Finance, in partnership with the Global Off-Lighting Association (GOGLA). This report is also the first to substantially characterize the diverse investment community that is now focusing on the sector and the instruments being deployed to provide the capital necessary to realize the industry potential. The main findings of the report were first presented at the fourth international Off-Grid Solar Lighting Conference in Dubai in 2015, where the emergence of a rapidly maturing industry could be witnessed first-hand. The energized assembly included, for the first time, commercial investors inspired by the wave of entrepreneurial, technological advances, and a business model innovation. This report provides them with an introduction to a promising sector, just as it provides the companies seeking capital to understand the concerns, limitations, and perspectives with which these investors approach the industry.