This paper analyzes the power transfer limitation of the PV power plant under the ultra-weak grid condition, i.e., when the Short-Circuit Ratio (SCR) is close to 1. It explicitly identifies that a minimum SCR of 2 is required for the PV power plant to deliver the rated active power when operating with the unity power factor. Then, considering the reactive power compensation from PV inverters, the minimum SCR in respect to Power Factor (PF) is derived, and the optimized coordination of the active and reactive power is exploited. It is revealed that the power transfer capability of PV power plant under the ultra-weak grid is significantly improved with the low PF operation. An adaptive reactive power droop control is next proposed to effectively distribute the reactive power demands to the individual inverters, and meanwhile maximize the power transfer capacity of the PV power plant. Simulation results of a 200 MW PV power plant demonstrate that the proposed method can ensure the rated power transfer of PV power plant with the SCR of 1.25, provided that the PV inverters are operated with the minimal PF=0.9.