The dc-link capacitor voltage drift is the key technical problem of the converters with multi-intermediate nodes. The back-to-back (BTB) configuration with voltage balancing control can achieve a certain operation range. Nevertheless, the challenge of voltage drift still remains, especially when both sides operate at high but different modulation indexes and high power factors. This article focuses on a BTB seven-level V-clamp multilevel converter (VMC). The balanced operation limits are presented, and the effect of the power factor on balancing capability is analyzed. To maintain the voltage balancing of the dc-link capacitor under different operation conditions of the load (inverter side), a reactive power injection control is proposed in this article. Suitable reactive power is injected into the rectifier according to the balancing situation. The proposed control method can actively adjust the power factor of the rectifier to provide the required balancing capability. In this way, the dc-link capacitor voltage balancing is maintained within a larger operation range. In this article, a 10-kVA laboratory prototype of BTB seven-level VMC is set up to verify the effectiveness of the proposed control.