Русско-англо-русский юридический словарь

Project finance is the financing of long-term infrastructure, industrial projects and public services based upon a non-recourse or limited recourse financial structure, in which project debt and equity used to finance the project are paid back from the cash flow generated by the project. (Investopedia)

In other words, project finance model is used as a financial model when the company needs to assess economic feasibility of the project. (Financial Director)