A modular voltage source converter (100) comprises a plurality of cells conformal to a basic cell design comprising a first and a second terminal, a capacitor and at least two switches arranged in a half-bridge or full-bridge configuration. In the converter, a first group is formed by a number n of cells (101-k, k=1, n) connected serially at their terminals, and a second group is formed by an equal number n of cells (102-k, k=1, n) connected serially at their terminals. The terminals of the cells (101-k) in said first group are connected, via a resistive or inductive connection element (110-k), to the terminals of corresponding cells (102-k) in said second group.