An integrated power conditioning unit includes a DC bus, a first terminal for connection to first AC equipment, a second terminal for connection to second AC equipment, a first inverter circuit providing bi-directional AC-DC conversion between a first AC power signal and a first DC power signal, and a converter assembly providing bi-directional AC-DC conversion between a second AC power signal and a second DC power signal. A control module controls the first inverter circuit such that the first DC power signal may flow from/to the DC bus and the first AC power signal may flow from/to the first terminal. The control module also controls the converter assembly such that the second AC signal power signal may flow from/to the second terminal and the second DC power signal may flow from/to the DC bus.