POWER CONVERSION SYSTEM AND METHOD FOR CONVERTING POWER

Embodiments of present disclosure provide power conversion system (100) and method (200) for converting power. Power conversion system (100) comprising energy storage elements (102), first converter (103) connected to grid (104) to provide bi-directional flow of power between first converter (103) and grid (104). Second converter (107) connected to energy storage elements (102) at one end and other end connected to electric machine (106). Output of second converter (107) is supplied as input to electric machine (106). Controller (108) controls at least one of: current flowing from grid (104) to energy storage elements (102) and corresponding voltage between grid (104) and energy storage elements (102), current flowing from energy storage elements (102) to grid (104) via first converter (103) and corresponding voltage between energy storage elements (102) and grid (104), and current flowing from energy storage elements (102) to control operation of electric machine (106) via second converter (107).