"Solar costs have fallen sharply in recent years, and we are now at the point where grid-scale solar power, if well-located, is the most economic form of new electricity generation. Also, because it delivers power during the daytime period, it has the highest value to the market."
The company, which was privately funded, had attracted financial backing from some of New Zealand's best-known investors and entrepreneurs, Holden saying the project would advance New Zealand's national energy goals, contribute to lower power prices for consumers, and help address climate change.
The farms would comprise between 70,000 and 170,000 solar panels that would track the sun across the sky.
"We have selected each site so that it is located in the country's sunbelt, between the 34th and 39th parallel, placing them at the equivalent latitude of the Mediterranean and Southern California," Holden added.
The Kaitaia site would be consented first, with construction scheduled to start late this year, and producing electricity next summer.
The plants, which would be constructed very quickly, would be environmentally friendly, using no water, making little noise, creating no pollution and releasing zero emissions.
The panels would be raised off the ground, so the land could continue to be grazed or cropped.