A variable speed drive with a converter that is controllable to precharge a DC link is provided. The variable speed drive also includes an inverter. The converter converts a fixed line frequency, fixed line voltage AC power from an AC power source into DC power. The DC link filters the DC power from the converter. Finally, the inverter is connected in parallel with the DC link and converts the DC power from the DC link into a variable frequency, variable voltage AC power. The converter includes a plurality of pairs of power switches, wherein each pair of power switches includes a reverse blocking power switch arrangement connected in anti-parallel to another reverse blocking power switch arrangement. Alternatively, each pair of power switches includes a reverse blocking power switch connected in anti-parallel with a silicon carbide controlled rectifier.