This paper proposes a new power converter topology for the Wave Dragon multi-megawatt wave energy conversion platform. The current wave dragon power converter system is composed of several low-voltage two-level voltage source converters in back-to-back configuration; one per turbine-generator. Although this is a well known and proven technology, the use of distributed power electronic converters among all turbines does not bring any additional benefit in terms of efficiency and power quality. The proposed topology remains operating at low voltage and distributed at the generator side, but is combined at the grid side into a three-phase cascaded H-bridge (CHB) multilevel converter operating at medium voltage. This is achieved interfacing each PMSG through a low-voltage full bridge diode rectifier, followed by a boost dc-dc converter connected to the dc-link of the power cells of a 7-level CHB. The proposed configuration allows to concentrate the whole Wave Dragon platform into a single grid-tied converter with higher power quality and efficiency. Control schemes for both grid- and generator-side converters, and simulation results are presented in this paper.