A power conversion system includes a power transformer for receiving AC power at a first voltage from an input side and for delivering AC power at a second voltage to an output side. A power converter is also included in the power conversion system wherein the power converter includes an input side converter on the input side and an output side converter on the output side coupled through a plurality of DC links. A converter controller in the power converter provides control signals to the input side converter and the output side converter for regulating an active power and a reactive power flow through the power converter. Each of the input side converters and the output side converters includes at least two power converter transformers coupled between respective power converter bridges coupled to the plurality of DC links and the input side or to the plurality of DC links and the output side.