Agree with both Dorothea and Francesco. Just remember to compare the JV scenario vs the Wholly Owned Company or M&A scenario, if possible with numbers (expected returns of each scenario and estimated CAPEX). While the CAPEX and risks can be shared (which is a positive thing), usually what will make the difference will be the synergy gains since the profits will be also shared.
While skills, know-how, and assets will be the general elements behind the synergies, there are other intangibles that can be considered in certain markets: geographical presence, government relations, company reputation, etc.
There are also some risks inherent in most of the JV's: regulatory changes, asymmetry of power, not having the possibility to exit or expand the business as desired, and dissonance in the long-term (you might have the same goals and expectations today but you cannot assure this will be the same in 5 years).
Hence, the gains of the JV have to be considerable vs the other scenarios, or JV should be the only viable option based on external factors (regulation and market nuisances).
All the best,