The Hauauru ma raki wind farm would have 168 turbines and be located in the Waikato region on the west coast of the North Island.
Contact Energy is working on the project jointly with New Zealand wind energy company Wind Farm Group.
Hauauru ma raki is the second major New Zealand project to receive approval in recent weeks.
Earlier this month, state-owned energy company Mighty River Power won draft approval for a wind farm at Turitea on the North Island.
The original proposal had been for a 300MW, 105 turbine project but the draft consent only allowed for 61.