A power conversion apparatus is for converting polyphase ac power directly to ac power. A conversion circuit includes a plurality of first switching devices 311, 313, 315 and a plurality of second switching devices 312, 314, 316 connected, respectively, with the phases R, S, T of the polyphase ac power, and configured to enable electrical switching operation in both directions. There are provided a plurality of condensers 821˜826 connected with the conversion circuit. At least one of the condensers is provided, for each of the first switching devices and the second switching devices, between two of the phases of the polyphase ac power. It is possible to reduce a wiring distance between the condenser and the switching devices.