Federal Investment in Sustainable Hydropower Act

Directs the Federal Energy Regulatory Commission (FERC) to: (1) modify hydroelectric licensing and operation fees so that certain advanced turbine installations are entitled to a discount; and (2) give a priority in the scheduling of its licensing processes to licensees that have installed advanced turbines meeting or exceeding specified standards.

Amends the Federal Power Act to: (1) prescribe guidelines for an expedited licensing schedule and environmental review of applications; (2) reduce the license duration period from 50 to 30 years; (3) reduce from 30 years to 15 years the minimum term for relicensing; and (4) prescribe guidelines for FERC collection of fees on behalf of State and Federal agencies.

Directs FERC to: (1) reimburse legal expenses incurred by any person granted intervener status in any proceeding pertaining to water power and resources development; and (2) require specified royalties for use of public waters.

Authorizes FERC to allocate certain royalty receipts to the host State of a hydroelectric project to enhance its fish and wildlife enhancement projects.

Instructs FERC to establish license conditions that will protect and mitigate damages to fish and wildlife affected by the cumulative impacts of multiple projects on a waterway.

Prescribes guidelines for alternative conditions and fishways.

Requires license applicants to provide such financial accounting information as would be provided to potential investors in the project concerned.