Risk Adjusted WACC

I am reading some material. It mentioned for RISK ADJUSTED WACC

Two conditions apply:
a) Project is a non-core activity
b) The project finance will have no effect upon the company’s gearing ratio or a specified project finance gearing ratio applies.

A-I get
My issue is B, since its risk adjusted -I am thinking changes.so I was expecting it to apply when the gearing changes. so risk adjsuted wacc should be used when bsuiness risk changes and financing changes

then i did some reading it said in AFM Exam Context

When the examiner says “risk-adjusted WACC”, they mean:

Adjusting for different BUSINESS risk
while assuming capital structure is constant. is this true?

then i came across

BUSINESS RISK Different
FINANCE RISK Same
Risk-adjusted WACC
Adjust beta for new business risk

BUSINESS RISK Same
FINANCE RISK Different (constant new target)
Recalculate WACC at new target gearing
Financial risk changes but is stable

bUSINESS RISK Different
FINANCE RISK Different (constant new target)
Risk-adjusted WACC (using new gearing)
Adjust beta + regear

BUSINESS RISK Same or Different FINANCE RISK Gearing changes over time APV WACC assumption breaks

CAN i USE IT?