I'm trying to run from a Visual Studio package (*.vsix). It might be easier to reproduce using Roslyn from a custom MSBuild task as discussed here: http://stackoverflow.com/questions/13052115/roslyn-workspace-loads-in-console-application-but-not-in-msbuild-task
Doing a LoadStandAloneProject(...) inside a Visual Studio package throws the exception described in the Description field...
Trying to LoadStandAloneProject(...) should load not throw an exception.