I have not heard anything specific about LEDs but in general, photosynthesis requires the proper wavelength of light. Full spectrum and fresh water lamps (pink) are the standard. Most shoot for 6700k or higher for full spectrum.
In aquariums the wattage (energy) and lumens (power) also come into play because they must light an area and be able to penetrate through water. I'd be interested to know how LED fare, since they seem to "look" brighter but use up less electricity than standard bulbs.
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