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The number of semiconductor switches in a modular multilevel converter (MMC) for HVDC transmission is typically two orders of magnitudes larger than that in a two or three level voltage-sourced converter (VSC). The large number of devices creates a computational challenge for electromagnetic transient simulation programs, as it can significantly increase the simulation time. The paper presents a method based on partitioning the system's admittance matrix and deriving an efficient time-varying Thévenin's equivalent for the converter part. The proposed method does not make use of approximate interfaced models, and mathematically, is exactly equivalent to modelling the entire network (converter and external system) as one large network. It is shown to drastically reduce the computational time without sacrificing any accuracy. The paper also presents control algorithms and other modelling aspects. The efficacy of the proposed method is demonstrated by simulating a point-to-point VSC-MMC-based HVDC transmission system.