The emerging need to tackle climate change and mitigate greenhouse gas emissions has led to the consolidation of interest in renewable energy sources (RES) setting specific targets in the European area. To achieve the ambitious targets set, Member States are given the opportunity to cooperate with one or more of their developing neighboring countries. The aim of this paper is to develop a methodological framework based on the combination of the Strengths, Weaknesses, Opportunities and Threats (SWOT) analysis with the Analytic Hierarchy Process (AHP) and the Fuzzy Technique for Order of Preference by Similarity to Ideal Solution (Fuzzy TOPSIS) methods for adopting the most appropriate strategic plan, in order to establish a successful energy cooperation that will create beneficial conditions for all the involved parties. The results could be important in facilitating decision makers to assess the role and design of this cooperation mechanism. Key insights will also emerge with regards to opportunities for energy strategy cooperation between Europe and its neighboring countries.