The construction of hydropower plants on transboundary rivers is seldom done with equal benefits to all riparians, and therefore presents coordination and cooperation challenges. Without a supra-national authority in charge of transboundary river basins, coordination between sectors (water, energy and environment) and cooperation between countries largely depends on willingness of the individual nation states and the power relations between these countries. This paper discusses how the interests and relative power positions of actors in transboundary water management shape the outcomes, and what roles are played by River Basin Organisations and foreign investors (especially in hydropower development). These issues are illustrated with examples from the Mekong river in Southeast Asia (Laos, Thailand, Cambodia and Vietnam), the Euphrates-Tigris (Turkey, Syria, Iraq, Iran and Kuwait) and the Çoruh in Turkey and Georgia.