It is a difficult task to utilize the power from the solar PV connected to utility grid effectively due to its lower efficiency. Hence, a new power electronic topology with maximum power point tracking (MPPT) algorithm is needed to reduce the losses thereby obtaining the maximum power from solar PV system. Direct energy transfer is implemented to transfer the rated solar power to the utility grid, the rest is fed to the converter and used for DC loads. In this work, a reversed buck-boost converter topology with parallel power processing concept is used efficiently and a multiple perturbation and observation (MP&O) based MPPT algorithm is proposed to achieve the global maximum power point (GMPP). And also boost inverter topology is employed by which the power from PV is supplied to the utility grid. The proposed method is simulated using MATLAB/SIMULINK and implemented in hardware. The simulation and experimental results of the proposed MP&O technique provide maximum AC power as well as DC power even in low irradiance and partial shading conditions of the solar PV array compared to the existing techniques.