A power converter arrangement for connecting an induction generator to an electric power network comprises a first path provided for transferring electric power from the induction generator to the electric power network during a first operation condition, and a second path provided for transferring electric power from the induction generator to the electric power network during a second operation condition, where the first path includes an AC-AC converter and the second path includes a switch. A capacitor arrangement is interconnected between the induction generator and the first and second paths and a first AC reactor device is interconnected between the capacitor arrangement and the first and second paths, where the capacitor arrangement is provided for compensating for a magnetization current of the induction generator.