EU Taxonomy Eligibility Assessment 2023
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 | |||||||
Unit | 2022 | 2023 | D | 2022 | 2023 | D | 2022 | 2023 | D | |
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| Electricity generation from wind power (4.3) | % | 66,51 | 6,22 | -60,29 | 93,76 | 11,74 | -82,02 | 90,18 | 31,55 | -58,63 |
| Installation, maintenance and repair of renewable energy technologies (7.6) | % | 16,82 | 12,03 | -4,79 | 4,33 | 8,25 | 3,92 | 7,15 | 29,46 | 22,31 |
| Manufacture of hydrogen (3.10) | % | 0,1 | 0 | -0,1 | n/a | 5,03 | 5,03 | 0,4 | 0,03 | -0,37 |
| Installation, maintenance and repair of charging stations for electric vehicles in buildings (and parking spaces attached to buildings) (7.4) | % | n/a | 0,22 | 0,22 | n/a | 4,66 | 4,66 | n/a | 0,95 | 0,95 |
Turnover
In FY2023, Virya’s share of EU Taxonomy-eligible turnover amounts to 18,85%. Eligible turnover for 2023 is primarily related to the installation, maintenance & repair services provided to renewable onshore and offshore windfarms (12.03%) and the sale of electricity of (6,22%),. 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 0,6% of eligible revenue.
The decrease in eligible revenues compared to FY2022 mainly relates to the sale of fossil fuels through DATS24 (77,31%). As DATS24 is transitioning to an environmentally sustainable business, there is a high potential for increased turnover eligibility in the upcoming years. The other non-eligible revenues within the Virya Group mainly relate to the installation, maintenance and repair services provided to clients active in alternative non-renewable sectors like oil and gas, and general infrastructure (12.5%). The remaining non-eligible % is related holding, management and administrative activities.
CAPEX
In FY2023, 34,52% of capital expenditures are linked to taxonomy-eligible activities, mostly driven by development and construction of onshore windfarms (11,74%) followed by investments made in equipment and infrastructure needed to provide installation, maintenance, and repair services to renewable sector clients (8,25%) and investments related to the manufacture of hydrogen (5,03%). The decrease in Taxonomy-eligible CAPEX from 98,74% in FY2022 mainly relates to the fossil fuels scope entry of DATS24 and is expected to increase again in the coming years.
OPEX
In FY2023, Virya’s EU Taxonomy-eligible operational expenditures constitute 76,30% of operational expenditures as defined by the EU Taxonomy. 31,52% of eligible operational expenses are linked to the construction and operation of onshore windfarms, where operational expenses are mainly connected to maintenance and repair, research and development and other direct expenses such as variable leases. Additionally, 29,43% 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 the sale of fossil fuels and (short-term) office leases and rent.