EU Taxonomy Eligibility Assessment 2022

Virya Energy (“Virya”) is active in the development, financing, construction, and operation of sustainable energy sources. Our goal is to accelerate the energy transition by investing in and scaling new technologies across the energy value chain. Although Virya is not yet in scope of the EU Taxonomy Regulation, Virya chooses to report on EU Taxonomy-eligibility on a voluntary basis as we strongly believe in the opportunity to communicate objectively on the sustainable nature of our activities.

Activities Turnover (%) CAPEX (%) OPEX (%)
Eligible core activities 83.74 98.74 99.65
Electricity generation from wind power (4.3) 66.51 93.76 90.18
Electricity generation from hydropower (4.5) 0.23 n/a 0.33
Installation, maintenance and repair of renewable energy technologies (7.6) 16.82 4.53 7.15
Manufacture of hydrogen (3.10) 0.10 n/a 0.40
Storage of hydrogen (4.12) n/a 0.26 n/a
Manufacture of low carbon technologies for transport (3.3) 0.08 0.04 n/a
Transport by motorbikes, passenger cars and light commercial vehicles (6.5) n/a 0.15 1.58
Non-eligible activities 16.26 1.26 0.35


In FY2022, Virya’s share of EU Taxonomy-eligible turnover amounts to 84%. Eligible turnover for 2022 is primarily related to the sale of electricity of (66.5%), and installation, maintenance & repair services provided to renewable onshore and offshore windfarms (16.8%). Electricity sales of small hydropower plants, engineering services for the development of hydrogen facilities as well as the sales of drones deployed on autonomous vessels constitute the remaining 0.41% of eligible revenue.

12.5% of non-eligible revenues are linked to installation, maintenance and repair services provided to clients active in alternative non-renewable sectors like oil and gas, and general infrastructure. Additionally, approximately 3% of non-eligible revenue is related to holding, management and administrative activities.

In FY2022, EU Taxonomy-eligible revenue decreased by 13% versus FY2021. Changes in revenue allocation compared to 2021 are mainly driven by the reclassification of Geo Group’s activities. Offshore crew transfer services and offshore surveying activities previously classified as ‘sea coastal freight water transport’ (activity 6.10) are now reclassified to ‘installation, maintenance, and repair of renewable energy activities’ (activity 7.6) reflecting Geo Group’s strategy to service the renewable energy industry throughout the lifecycle phases of offshore and onshore assets. Moreover, the effect of this reclassification is enhanced by full consolidation of Geo Groups results in FY2022 (versus last two months of FY2021).


In FY2022, 99% of capital expenditures are linked to taxonomy-eligible activities, remaining stable with an 0.08% increase compared to FY2021.

Virya’ EU Taxonomy-eligible CAPEX is mostly driven by development and construction of onshore and offshore windfarms (93.8%) followed by investments made in equipment and infrastructure needed to provide installation, maintenance, and repair services to renewable sector clients (4.53%). 0.45% of remaining eligible capital expenditures relate to investments in a hydrogen bunkering facility, capitalized R&D to improve existing software platforms and Virya’s car fleet. Non-eligible capital expenditures are associated to office refurbishments, furniture, and office equipment.


In FY2022, Virya’s EU Taxonomy-eligible operational expenditures constitute 99.7% of operational expenditures as defined by the EU Taxonomy. More than 90% of eligible operational expenses are linked to the construction and operation of windfarms, where operational expenses are mainly connected to maintenance and repair, research and development and other direct expenses such as variable leases. Additionally, 7.15% of eligible operational expenditures is linked to the installation, maintenance, and repair of renewable energy activities (activity 7.6), where operational costs mainly relate to maintenance and repair of assets. Non-eligible operational expenditures are mostly related to (short-term) office leases and rent.

Accounting policies, estimates & assumptions

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