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The construction of large renewable energy projects is characterized by the great uncertainties associated with their administrative complexity and their constructive characteristics. For proper management, it is necessary to undertake a thorough project risk assessment prior to construction. The work presented in this paper is based on a hierarchical risk structure identified by a group of experts, from which a Probabilistic Fuzzy Sets with Analysis Hierarchy Process (PFSAHP) was applied. This probabilistic analysis approach used expert opinion based on the Monte Carlo Method that allows for extracting more information from the original data. In addition, the coherence of the experts’ opinions is assessed using a novel parameter known as Confidence Level, which allows for adjusting the opinions of experts and weighting their judgments regarding impact and probability according to their coherence. This model has the advantage of offering a risk analysis in the early stages of the management of renewable energy projects in which there is no detailed information. This model is also more accurate than the classic fuzzy methodology when working with complete distribution functions, whilst it avoids the loss of information that results from the traditional mathematical operations with Fuzzy numbers. To test the model, it was applied to a 250 MW photovoltaic solar plant construction project located in southeast of Spain (Region of Murcia). As a result of the application of the proposed method, risk rankings are obtained with respect to the cost, the time, the scope and from a general point of view of the project. [ABSTRACT FROM AUTHOR]