In the last decade the European Union (EU) has been steadily increasing its’ ambition regarding the climate policy. Considering the linkage between the climate targets and energy sector’s greenhouse gas emissions, the EU’s member states are respectively adjusting their energy policies. One of the current trends in the EU is to increase the renewable electricity generation by roll-out of onshore and offshore wind parks. This research aims at evaluating the potential of large-scale wind parks in Latvia by using the cost-benefit and multi-criteria analysis from financial, technical, climate and administrative perspectives as well as considering the impact on security of energy supply. The results of the research show a good potential for onshore wind park development in Latvia without any state aid, while offshore wind parks are in a much worse position and would not be beneficial for the project promoters without any kind of EU or state aid.