The high-frequency common magnetic-link made of amorphous material, as a replacement for common dc-link, has been gaining considerable interest for the development of solar photovoltaic medium-voltage converters. Even though the common magnetic-link can almost maintain identical voltages at the secondary terminals, the power conversion system loses its modularity. Moreover, the development of high-capacity high-frequency inverter and power limit of the common magnetic-link due to leakage inductance are the main challenging issues. In this regard, a new concept of identical modular magnetic-links is proposed for high-power transmission and isolation between the low and the high voltage sides. Third harmonic injected sixty degree bus clamping pulse width modulation and third harmonic injected thirty degree bus clamping pulse width modulation techniques are proposed which show better frequency spectra as well as reduced switching loss. In this paper, precise loss estimation method is used to calculate switching and conduction losses of a modular multilevel cascaded converter. To ensure the feasibility of the new concepts, a reduced size of 5 kVA rating, three-phase, five-level, 1.2 kV converter is designed with two 2.5 kVA identical high-frequency magnetic-links using Metglas magnetic alloy-based cores.