BUILD, BUY, OR PARTNER? ENTRY MODE SELECTION AND RISK GOVERNANCE FOR WIND POWER INVESTMENT IN KAZAKHSTAN

Abstract

Foreign wind power investors in Kazakhstan can build, acquire during construction, or develop with partners. Each route relocates uncertainty. This article develops a comparative qualitative framework for choosing among these modes and governing their risks. Public records concerning Zhanatas, Shokpar, Dostyk, two different Arkalyk assets, and the announced 1 GW program form the evidence base. The RIGOR framework assesses Rights completeness, Information reliability, Governance complementarity, Option value, and Residual risk. An integrated acquisition model then links eight diligence domains to legality, loss pathway, liability allocation, and post-closing leadership. Public facts, allegations, and practitioner interpretations are separated. Greenfield development suits investors with patient development capability and a need for design control. Construction-stage acquisition can save time when rights are formed and evidence is auditable, but it concentrates interface and completion risk. Joint development suits high local complementarity and program optionality when governance rights are explicit. Dostyk also shows how publicly reported credit insurance and RMB project finance can support an acquired project without replacing asset diligence. The article avoids confidential transaction data.

Keywords: entry mode, wind power, Kazakhstan, greenfield development, construction-stage acquisition, joint development, due diligence, project finance, risk governance

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Как цитировать

Cheng C. BUILD, BUY, OR PARTNER? ENTRY MODE SELECTION AND RISK GOVERNANCE FOR WIND POWER INVESTMENT IN KAZAKHSTAN // Central Asian Scientific Journal. – 2026. – No. 4(32), Vol. 1. – Pp. 133–145.