The development of renewable energy technologies (RET) depends on a wide range of criteria and regulations. To evaluate which RET (solar photovoltaic (PV), wind power plants (WPP), hydroelectric power plants (HPP) or bio-energy plants) have the greatest potential in Latvia, the most suitable approach is a multiple criteria decision making (MCDM). The proposed MCDM methodology involves TOPSIS model based on information entropy, which contributes as a criteria weighting tool. The study investigates seven main criteria from technical, economic, environmental and social aspects. Firstly, each alternative country is analysed due to the chosen RET criteria. Secondly, the assessment is extended, comparing specific data with Latvia’s MCDM of RET results. The research results show that, according to the best available examples of RET, hydro energy plants still play a substantial role for Latvia, the most promising RET development is based on bio-energy and wind renewable energies.