Achieving “No Net Loss” (NNL) of nature from a development typically requires projects to follow a ‘mitigation hierarchy’, by which biodiversity losses are first avoided wherever possible, then minimised or remediated, and finally any residual impacts offset by conservation activities elsewhere. Biodiversity NNL can significantly affect people, including their cultural values. However, empirical research is lacking on how to incorporate impacts on cultural values of nature into NNL strategies. We use the Bujagali and Isimba Hydropower Projects and Kalagala Offset in Uganda as a case study to explore local people’s perceptions of the importance of cultural heritage to their wellbeing, how the developments affected their cultural heritage, and how these perceived impacts could be incorporated into NNL strategies. We sampled six villages experiencing different levels of hydropower development along the Victoria Nile River. Many river features, particularly rapids and waterfalls, are important cultural sites, associated with spirits and are worshipped by local communities. Spiritual beliefs, rituals and ceremonies, nature, and how cultural heritage is changing were frequently mentioned when respondents described cultural heritage. People perceived cultural heritage to be an important component of their wellbeing, but its importance differed between villages and socio-demographic groups