Although Colombia has more than 50 years of experience developing hydropower projects, the recent Hidroituango project crisis has opened the debate regarding risk management (RM) in generation power projects, especially for non-conventional renewable energy sources (NCRES) where there are no academic studies for Colombian case. This chapter develops a methodological proposal based on PMBOK, ISO standard, and Colombian technical standards, that will allow identification, assessment, and management of the risks inherent in small hydroelectric power plant (SHPP) projects. All this in the context of the opportunities generated by Law 1715 of 2014 and the mega global trend of transition from fossil sources of energy to NCRES. The methodology was built based on: a state of the art review, an expert's knowledge consultation, and a Delphi expert's assessment analysis. The result is a project risk management methodology that includes: holistic identification of risk variables in SHPP projects, assessment of experts and response to inherent and residual risks.