Hydropower is highlighted as the most important energy source in Mozambique and many other countries in southern Africa. Substantial hydropower development is planned for the Lower Zambezi for the next decades, with regional importance due to integration into the Southern African Power Pool. The objective of this study is to assess hydropower generation in the 21st century for a future hydropower development scenario under two climate scenarios. The two climate scenarios represent a future wetting climate and a future drying climate, both with considerable warming, and are based on bias corrected data of two recent Global Climate Models. The future hydropower scenario considers the extension of the existing Cahora Bassa plant and three planned facilities downstream, Mphanda Nkuwa, Boroma and Lupata. The results are taken to show the importance of considering climate risk in technical design and financial assessment of hydropower projects in the region.