The majority of countries attempting to switch from conventional energy sources to renewable energy sources have decided to make significant investments in these projects. Considering renewable energy is an industry with a high level of investment expenses, assessing investment risks is critical to making efficient investment strategies. Howbeit, since risk assessment is dependent on expert opinions, uncertainty in the judgment of the consultants should be avoided. In this study, a novel hybrid failure mode and effect analysis approach is proposed to assess the investment risks of renewable energy projects. Results indicated that wind energy is the most appropriate alternative considering technical, marketability, environmental, economic, social aspects. Moreover, the sensitivity analysis is carried out and the robustness and validity of results from the proposed approach are examined. Finally, six different scenarios are considered and the results are interpreted accordingly. The findings of this study will be valuable to authorities, investors, and enterprises involved in the renewable energy projects and evaluating their investment.