Unless you are arguing that Banks have some specialist consultancy expertise in project evaluation that no one else has or can develop, what use is a bank as a bank if it doesn't provide capital?

Correct.

J would not need to work for a bank to bring his unique knowledge and experience to bear. In fact, he'd probably make a lot more as a metaconsultant. But it's not exactly a secure existence...

I find the project structure most interesting for the potential it will have for refinancing once built.

I've been doing some really interesting stuff re Iran and Ecuador (in the context of a South American clearing system - Chavez's Banco del Sur concept, and the recent Ecuador debt default).

In the case of Aruba they could unitise both oil production and electricity production.

Refinancing with unitised oil production (ie selling forward units redeemable in oil or the energy equivalent) gives them an interest free loan.

Unitising and selling the electricity forward gives them a domestic pool of investment capacity, and the beginnings of an "Energy Pool"

"The future is already here -- it's just not very evenly distributed" William Gibson