Energy Efficiency is not sexy, it’s under the radar, hard to invest in. We are talking about small unit amounts, with aggregation problems, credit problems, standardisation problems. But the whole sector is undertaking a quiet revolution: with the price explosion of retail energy, efficiency is now on everyone’s desk. In the US, Sunrun has managed to securitise portfolios of rooftop solar using techniques of the mortgage industry. The same techniques are now arriving in Europe, even if it’s more complex because Europe doesn’t have the equivalent of the American FICO score which was introduced 35 years ago and has proven so seminal in the growth of personal lending. Nevertheless, pioneer utility and distributors like Octopus in the UK or Thermondo in Germany are integrating supply chains and providing financing for a seamless service.We have the pleasure to receive Alex Betts, fund manager Energy Efficiency at Aquila Capital. We like Aquila because they have a robust methodical approach of EE. We discuss the challenges but also the prospects of EE investment. We thank our partner DLA Piper for supporting our show