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A high power factor rectifier is proposed to draw a sinusoidal line current with nearly unity power factor, achieve balanced capacitor voltage and regulate the DC-link voltage. One flying capacitor is employed in the proposed circuit configuration to generate a three-level PWM voltage waveform on the AC terminal. A hysteresis current control scheme is used to track the line current command in phase with the mains voltage. A voltage compensator is employed to achieve balanced capacitor voltages. The effectiveness of the proposed control algorithm is demonstrated by simulation and experimental results using laboratory prototype circuit.