What the model solves —
and what is still open.

Single-revenue-stream contract collapse

The 2021 ReGen/Dart waste-to-energy PPP in Cayman collapsed after the power purchase agreement with the local utility was never finalised — one missing agreement stalled the entire project, at a cost of over $17.7M in exit costs. CIAP does not depend on any one revenue stream: tipping fees, aggregate and fill material sales, heat offtake and CDR credits are independent income lines. Tipping fees alone can sustain the project.

Misinformation in sector data

A widely circulated “Aruba WTE success story” claiming 90% diversion and significant electricity generation is not supported by primary sources. The actual record shows an open-dump history, a 2014 recycling suspension and continuing operator dysfunction. CIAP's public materials correct this record rather than repeat it.

Pre-close exposure from multiple simultaneous roles

FEG IIG typically holds operator, equipment supplier and technical designer roles at once in territory negotiations — more exposure than a typical PPP financier carries before contracts close. This is actively managed through an Early Works Agreement Term Sheet, modelled on the ReGen/Dart precedent, but the underlying multi-role exposure remains part of the structure.

Pooled-equity cluster risk

Where several territories share a single-cluster investment vehicle, one territory's failure can affect the others. A governance framework identifies and manages this exposure, but the shared structure itself is not removed.

Desalination technology confirmation

CIAP's desalination pathway is thermally driven, requiring a custom thermal desalination skid rather than standard containerised reverse osmosis. Vendor confirmation is in progress with three shortlisted suppliers to confirm thermal (not RO) capability at the required capacity.

Cause-specific mitigation mapping

The seven static-plant failure cases are documented by capacity lost, but individual failure causes — equipment failure, contractor insolvency, operator dysfunction, contract collapse — have been fully mapped for only one case. Matching each remaining case to its cause and corresponding CIAP mitigation is ongoing.