The Short Version
The underlying financial logic is sound: when a project carries no debt, the main distinction between project-level (unlevered) and equity-level (capital) cash flow statements disappears, and the resulting NPV does reflect both project efficiency and investor wealth creation. However, the claim omits important conditions—particularly that discount rates must be applied consistently and that no other financing-side cash flows (equity injections, distributions) exist beyond the initial investment. These caveats are material for practitioners but do not invalidate the core principle.