A system comprising low cost topology for power converter systems is provided. The system takes advantage of the voltage-boost characteristic of a current source inverter (CSI) and utilizes a PWM CSI as a grid-side converter for power generation systems. Moreover, the generator-side converter employs low-cost devices, such as, but not limited to diode bridge, thyristor bridge, and/or a combination of diodes and thyristors, and accordingly simplifies generator-side converter and control. Further, the system provides a wider range of operation than traditional voltage source converter based topologies that utilize a voltage source inverter (VSI) as the grid-side convertor along with a diode rectifier as the generator-side converter.