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Hardware-in-the-Loop tests of components for high-voltage dc transmission grids, for example circuit breakers, require converter systems capable of generating a high output current with fast transients of the output signal at different output voltages. In this paper, a three-level buck converter (N3L) employing three different supply voltages to enable a wide voltage operation range is presented. The modulation of the converter is investigated in detail with special focus on ripple cancellation, the startup of the interleaved converter and the level shifting between different converter output voltages. A prototype system is designed and constructed, optimized for pulsed power operation and compared to a two level and to a neutral point clamped converter design. The system has been simulated numerically and the design boundaries are validated by measurements on the prototype system. [ABSTRACT FROM AUTHOR]