A modular power conversion system is provided which includes a plurality of building blocks comprised of transformers and power conversion bridges, and a high frequency AC link that transfers power and provides galvanic isolation between the building blocks. The high frequency link includes an insulating tube separating an AC link conductor and the building blocks. The insulating tube is further provided with conductive or semiconductive layers on its inner and outer surfaces for referencing them to the electric potentials of the adjacent conductors and windings, thereby placing the high electric fields substantially directly across the tube and reducing electric fields and partial discharge or corona in the adjoining space or media. The building blocks may be arranged in multiple stacks for DC or AC interface, preferably with neutral or lower voltage connections at the outer edges of the stacks and higher voltage terminals at the centers of the stack.