Underneath the F# PowerPack's CodeDOM implementation uses the F# compiler to generate code, which means it needs a way to find the compiler and related metadata.
First off you may need to copy the FSharp.Core.sigdata file to your bin folder (the metadata). You may also need to add the F# compiler (fsc.exe) to your path or alternatively just copy it into your bin folder (fsc.exe is in C:\Program Files (x86)\Microsoft SDKs\F#\3.0\Framework\v4.0). Atleast this worked for me on my Windows 8 machine with Visual Studio 2012 installed.