Purpose. Creation of a detailed model of a solar photovoltaic station with a converter system based on a cascaded multi-level inverter with the MPPT (maximum power point tracker) function to investigate its operating modes in distributed power systems. Methodology. To carry out the research, the paper used the methods of system synthesis, mathematical and computer modeling to create photovoltaic station models and components; a physical experiment in obtaining thermal characteristics of the photovoltaic module Solarday SDM72360 W; modern power theories for synthesis of the vector control system of a multi-level inverter. Findings. the Matlab-model of solar photovoltaic station with transformerless 29-level cascade voltage inverter is synthesized. The model confirmed the serviceability and efficiency of the converter system and the power plant as a whole. An algorithm is proposed and an MPP tracker with volt-ampere characteristics of the photovoltaic module, which corresponds to the maximum power extraction, is synthesized on the basis of the algorithm. The algorithm was validated by the model for any solar radiation intensity. Originality. The total mathematical model of the photoelectric module, which accounts for its energy and heat characteristics, is obtained and can be used for simulating the operation of any computer model of the photoelectric converter under Matlab/Simulink/SimPowerSystems environment. Practical value. The model results indicate the prospects of industrial implementation of transformerless multi-level converter systems to be used in the structure of powerful solar photovoltaic stations.