A multi-phase power converter includes two or more multi-phase, bi-directional, multi-level, switching power converter subcircuits, connected in parallel at respective AC and DC sides, so as to provide a multi-channel, bi-directional, multi-level configuration. The AC sides of the switching converter subcircuits are directly coupled to one another and to a multi-phase AC input via series interface reactors, and the DC sides of the switching converter subcircuits are directly connected to one another and to a common split-capacitor bank at each level of the multi-level outputs of the switching converter subcircuits. A control circuit is configured to selectively control one or more switching semiconductor devices in each of the switching converter subcircuits. In some embodiments, the control circuit includes a closed-loop zero-sequence controller and a zero-sequence generator configured to eliminate circulating current among the switching converter subcircuits and to balance voltages across levels of the common split-capacitor bank.