Broadening its impact, the fund made a first investment in energy efficiency in 2018, financing a portfolio of energy efficiency projects across 15 Spanish municipalities. Services provided vary across the municipalities and include LED lights on the streets and in public buildings, providing energy services, and maintenance works. The first projects have already been realised and installation is expected to be completed early this year. In total, more than 9,000 LED units are installed across the portfolio. The new investment fits with the fund’s broader strategy to increase the generation capacity of renewable energy and reduce energy consumption through energy efficiency projects. This investment is a good example of the evolving landscape in which lighting is seen as a service rather than a product.