As the proportion of large-scale wind farms and distributed wind power connected to the power grid increases annually, the effects of their intermittent and random characteristics on the active and reactive power fluctuations of the power grid are becoming increasingly evident, causing frequent voltage fluctuations at the grid-connected point. To solve these problems, this study proposes a new topology of an electromagnetic var compensator (EVC) based on a rotary phase-shifting transformer (RPST). The EVC can work under capacitive and inductive conditions to compensate for inductive and capacitive power, respectively. In accordance with the parallel steady-state mathematical model of the EVC, a double closed-loop control strategy with high precision and considerable robustness is proposed for the EVC on the basis of instantaneous reactive power theory. Finally, simulations show that the topology of the proposed EVC exhibits bidirectional and continuous adjustment capability that can meet the reactive power compensation requirements of power systems with a high percentage of wind power. Compared with the existing reactive power compensation device, the EVC exhibits the advantages of high voltage, large capacity, low cost, strong impact resistance, and good tolerance, imbuing it with great prospects for development.