trouble with business model is cost of debt to carry the project vs return on asset isn't that large when you have to finance at 6% plus interest rates. Though in constant dilution for equity and it doesn't make that much sense with such a small spread between cost of holding projects and the cost of financing them.
i.e the spread between reoccuring rev from projects-costs of building and maintianing projects and the cost of financing these projects is a stream which you then apply a NPV.