The Modular Multilevel Converter (MMC) is a promising candidate for high-/medium-voltage high-power applications such as medium voltage AC drives due to its modularity, reliability, and scalability. The main challenge of a conventional MMC is low-frequency operation. Capacitor voltage ripple is inversely proportional to the operating frequency. Hence, operating at low frequency necessitates employing large sub-module capacitances to limit voltage ripple or the utilization of Energy Equalization Modules (EEMs). The first option negatively affects converter lifetime, and the second option requires a large number of semiconductor devices and isolating transformers. In this paper, a modified MMC topology with self-energy equalization is proposed to ensure converter operation with balanced capacitor voltages with low ripple during zero-/low-frequency conditions. Operating with balanced capacitor voltages with low ripple is achieved by maintaining the same energy level in the involved upper and lower arms. A low device count alternative to the EEMs approach is proposed in this work. Detailed illustration of the operational concept and design of the associated passive components is presented. The performance of the proposed medium voltage AC Drive is elucidated through simulation and experimental results.