It's definitely something wrong with that PSU: it has 2 x +12V rails, capable of a theoretical 28 Amps (336W), but only total 300W rating (the other rails included)... If you don't have lots of HDDs/SSDs/DVD drives, the GPU should work, but I strongly suggest going for another PSU.
Being an HP, I guess the first rail (12Amps / +12Va) is dedicated to the CPU (it's internally wired only to the 4-pin CPU plug), while the second rail (16 Amps / +12Vb) is taking care of all the other connectors.