Modular multilevel converters have several attractive features such as a modular structure, high voltage capability and scalability, excellent quality of the output voltage waveforms, as well as, low expense for redundancy. However, the main drawback of this converter is the complexity of the control system due to the multiple control objectives which include the input, output, circulating current and the capacitor voltages. Several control schemes for the capacitor voltages have been proposed, being usually divided into the control of the average voltage and the balancing of the capacitor voltages among the submodules and among the arms. These control schemes can effectively control the capacitor voltage when the reference is the same for all arms, but they cannot manage arbitrary voltage references when each arm capacitor voltage must be controlled independently as required, for example, to achieve maximum power point tracking in photovoltaic applications. This paper proposes a control strategy for a modular multilevel converter capable to manage the average capacitor voltage of each arm independently. The proposed scheme is based on a decomposition of the energy of the arms in different components, according to theirs symmetries. Results validating the performance of the proposed control scheme are shown and the impact on the output current is also discussed.