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In this paper, the steady-state analysis of the three-phase self-excited induction generator (SEIG) driven by a variable-speed prime mover (VSPM) such as a wind turbine is presented. The steady-state torque-speed characteristics of the VSPM are considered with the three-phase SEIG equivalent circuit for evaluating the operating performances due to the inductive load variations. Furthermore, a PI closed-loop feedback voltage regulation scheme based on the static VAr compensator (SVC) for the three-phase SEIG driven by the VSPM is designed and considered for the wind power generation conditioner. The simulation and experimental results prove the practical effectiveness of the additional SVC with the PI controller-based feedback loop in terms of high performances with low cost.