In this paper, a five-level multilevel-clamped multilevel converter (5L- MLC²) topology is analyzed based on a typical grid integration application for renewable energy system. The loss and thermal distributions of the power devices in different switching legs are investigated and illustrated under rated condition. Afterward, a loss and efficiency evaluation method is proposed and applied which takes into account various injected reactive power ranges regulated by the grid codes. It is concluded that the loss and thermal distributions of the 5L- MLC² multilevel topology are unequal between the clamping switching legs and the main switching legs; it also shows a good and consistent efficiency characteristic under different output power ranges when complying with the grid codes.