From 2004 to 2014, biogas benefited from generous subsidies from the German federal state. As the other renewable energy sources, biogas is considered not only as a tool to implement the energy transition but also a way to support territorial development especially in rural areas. This study explores this issue by focusing and the investors in the biogas facilities. The starting point of the study is the following hypothesis according to which large-scale investors would impede dynamics of territorial development and territorial anchoring of agriculture. On the contrary farms and local energy operators’investment would ease it. Thanks to a field research in four project territories focused on the energetic use of biomass (Bioenergieregion), this paper first shows that the investor’s distribution and the significance of industrial and financial investors in the facilities differs from one case study to another. The study assumes that this distribution could be connected with the regional disparities in German agriculture and agro-industrial production system. Large-scale investment prevails in the northern cases studies while farm remain the main – if not only – investors in the southern districts. In this respect, the post-socialist East Germany appears as a strategic region for industrial or financial companies. Secondly, the field research depicts a more nuanced picture of the connection between investors with territorial development and territorial anchoring of agriculture. On one hand, large-scale investment is confirmed as an impediment for such dynamics but, on the other hand, some of their practice (like the construction of local heating networks) could contribute to it. Farms remain the main investors both in the facilities and local heating networks and local energy operators are key stakeholders to implement local projects based on biogas. However, investments of local stakeholders not necessarily lead to territorial development and could go the other way especially when the projects get bigger. Biogas could then lead to an intensification of agricultural practices, capital concentration and local conflicts.