The paper is focused on problems of evaluation of effectiveness of investment projects, building and operation of an agricultural biogas stations. It deals with significance of biogas production in the area of agriculture. Biomass from which biogas is produced is one of important renewable energy sources. A part of introduction is devoted to creation of term-creating base from economic and environmental literary resources, a definition of the term “investment”, connected “investment decision making”, and particular realization phases of the investment project. In the chapter Materials and methodology, dynamic technologies of investment effectiveness evaluation are introduced and used profitability indicators are delimited. A practical part is focused at first on basic characteristics of the evaluated biogas stations, on a way of their financing and achieved cost-revenue relation. The mass centre of the paper is the evaluation of operation and management of the selected biogas stations in the monitored period 2010 - 2013. Effectiveness of the investment is evaluated by the help of dynamic indicators of investment effectiveness. All four used indicators show very favourable values of the station ́s operation from the effectiveness point of view. The found out profitability indicators also confirmed a positive development of economy in all evaluated stations. It holds fully in use of non-reversible investment subsidy in a range 25 – 37 % of expended costs which the agricultural enterprises obtained from the Rural Development Programme. In case of building of stations without the mentioned financial subsidy the parameters of effectiveness slightly decreased.