A power converter apparatus, such as an uninterruptible power supply (UPS), includes an inverter having an input coupled to a first DC bus and a second DC bus and configured to generate an AC output with respect to a neutral terminal at a phase output terminal thereof. The apparatus further includes first and second neutral coupling circuits, each configured to selectively couple the first DC bus and the second DC bus to the neutral terminal, and a control circuit configured to cause interleaved operation of the neutral coupling circuits.