Infrastructure lays a solid foundation for national economic growth. Chinese export of infrastructure is accelerating unprecedentedly after the strategy of The Belt and Road was initiated. The investors crave to obtain guidance on foreign investment. This paper is designed to bring some risk management revelation to enterprises, banks and governments who are involved in China’s foreign infrastructure investment. Specifically, multiple-case study method is used to analyze and conclude the lessons on overseas hydropower investment projects. The findings are that the political distance, and the risk management measures of enterprises are the key success factors of projects.