As one of the new strategic industries that China is focusing on in the future, photovoltaic power generation has become a research hotspot in power system. However, the degree of development of its financing channels does not meet its financing needs,and a single financing approach restricts the development of photovoltaic power generation. A public private partnership（PPP）fi nancing model is applied to a photovoltaic power generation project. The cost and benefit model of photovoltaic power generation based on different subsidy modes of PPP financing mode is estab lished. A definition of financing benefits of enterprises is proposedin order to evaluate the financing effect. In actual case, the present values of the income of different subsidy methodsare compared.The feasibility and benefits of the two PPP financing modes and the single financing modeare evaluated. The results prove that PPP financing mode can help enterprises solve financing problems and improve enterprise economic benefits.