As a whole, this means there's less energy available to irradiate the plants, but there's more energy in the wavelengths the plants can respond to, so it's more efficient.
I mean... think about it. Every time you look at a tree and see green, that is light that the plant has wasted. Hydroponic lighting is typically that deep purple, red, and blue, that plants can absorb. The goal is to make the plant leaves black, indicating that all light is being absorbed. Otherwise, you're just wasting light.
Everything you said is right. It’s still more efficient to use the suns energy and then distribute the leds than to directly try to use the suns light. Modern hydroponic grow led controllers can adjust the wavelengths as the plants grow
More information here: http://www.webexhibits.org/causesofcolor/7A.html
Hydroponic lighting is optimized for those particular wavelengths in the ~450 nm and ~650 nm peeks. Some plants absorb additional wavelengths, and could likely be targeted with other lights. The key though is that chlorophyll are like mitochondria -- highly preserved between species -- and they evolved to only absorb particular frequencies.
I think this is the main message. People in this thread are talking in absolutes about 'agriculture', but the reality is that there are many, many things that we don't understand well enough at the above-micro-level scale to be able to say 'you need to measure x, y and z and then we can calculate/model the optimal setup to grow something'. People are basically relying on (informed) trial and error, with feedback cycles measures in months or years, so it just takes a long long time for progress to be made - and even then, we usually don't know exactly why something works in a specific case. It's not like 'oh let's run an A/B test for the best color of our 'buy' button for a few days'.
2. LED lights are pretty efficient, and they provide another avenue for optimization (e.g. color, intensity, timing, etc.). Whether or not those optimizations are financially effective is probably situationally dependent.
3. LED lights provide latitude independence. No idea if this is a serious reason, but I could see it being of interest to Iceland.
2. LEDs are not more efficient than double ended sodium light lamps. max efficiency seems to be around 50%. So the other half goes to heat waste which has to be managed. climate control and especially temperature control is an issue in indoor farming.
But also: Frontal heat radiation from HPS is working against condensation on plant tissue, helping to achieve good phytosanitary conditions.
Everything has its pros and cons.
2. Very few food plants are dioecious, and the ones that are (like asparagus and dates) are either ones where the fruit don't matter or are not likely to be grown indoors
In some species pollination occurs generally just with wind or movement (rather than insects), for example corn where the pollen falls down from flowers above onto the silks which are the female portion (sort of a vaginal canal if you will, i.e for every corn seed there is an attached silk). Or tomatoes which have closed flower and generally always self pollinate as the flower is blown or shaken with a very small amount of cross pollination on occasion. Pretty cools setup with these type of plants, massive reproductive efficiency through mostly self pollination but a little bit of crossing occurs as the occasional foreign grain of pollen gets from another plant so there is genetic variation.
If part of the pitch is that, more than just "vertical" farming, it is "vertical urban" farming (e.g. for logistical advantage of proximity to demand), that would imply potential proximity to other tall structures in a city. Probably taller structures. You would have concerns for consistency of sunlight. Also only the edges of the building would get it, so you would want your farm to only occupy the tiniest edge footprint of the building, but across multiple floors. That is an odd sort of lease to get from a building.
Even a new building built nearby after a year or two could destroy the efficiency of your once-carefully-selected site.
Another under-educated guess that I would be happy to hear about from someone more knowledge: I would guess that glass facades costs more than other materials.
EDIT: I mean, do it outdoors with vertical farming, either on rooftops or around offices or parks or just outside the city (better there than 6000 miles away). the vertical aspect of it would still help reduce costs since real-estate is probably the biggest limiting factor on cost.