A power generating apparatus includes a rotating shaft, a hydraulic pump driven by the rotating shaft, a hydraulic motor driven by pressurized oil supplied from the hydraulic pump, and a generator coupled to the hydraulic motor. Each of the hydraulic pump and motor includes working chambers each defined by a cylinder and a piston, a high pressure manifold and a low pressure manifold. Each of the high and low pressure manifolds includes branch channels connected to the working chambers and a merging channel connected to a high or low pressure oil line. The branch channels are equipped with high or low pressures valves, joined together and merged into the merging channel.