A converter controllable in regenerative running mode, which is a power converting apparatus capable of suppressing harmonics without increasing the size of a reactor, and reducing power loss and electromagnetic noise. A power converter is configured by directly connecting AC sides of single-phase sub-converters having a DC voltage lower than a DC voltage of a 3-phase main converter to AC input lines of individual phases thereof in series. The main converter is driven by one gate pulse per half recurring cycle and a voltage produced by each sub-converter at AC terminals thereof is controlled to match a difference between an AC power supply voltage and a voltage produced by the main converter at AC terminals thereof, whereby phase voltages of the power converter are generated as the sums of phase voltages of the individual converters.