This paper presents a study of the Switched Reluctance Generator dynamics when connected to a single-phase AC power grid. A mathematical model that includes magnetic saturation is used to represent the reluctance generator, which is driven by an asymmetric half bridge converter. Output generated voltage is smoothed with a shunt capacitor leading to a DC link voltage. This voltage is regulated using a PI compensator that governs the magnetizing angle of the generator phases. It is shown that introducing a freewheeling stage between the magnetizing and the demagnetizing states of each phase, allows for a better usage of mechanical power in the electromechanical conversion process. Injection of active power in the grid is performed by a current controlled PWM inverter synchronized by phase locked loop. The complete system is simulated and the results are shown and discussed. The feasibility of the proposed strategy is demonstrated.