In this paper, a new concept based on an integrated hybrid energy system including photovoltaic (PV) and wind turbine (WT) for reactive power support of the grid is presented. Considering the shared grid-side converter in hybrid energy systems, which is preferably responsible for delivering active power to the grid, the remaining capacity of the converter after providing active power management is utilized as a static synchronous compensator (STATCOM) to overcome the power quality problems in the main grid. For this aim, a new concept named PV-WT-STATCOM is proposed, and a flexible control scheme is accordingly designed, which enables a sufficient reactive power compensation in both steady and transient states. The steady-state issues in the main grid are resolved using the remaining capacity of the shared inverter. In the transient mode, where a large amount of reactive power is probably needed for restoring the grid-side voltage while the unoccupied capacity of the shared inverter is not sufficient, a new control strategy is developed for reducing the PV's generated power, and providing more unused capacity in the shared inverter. The effectiveness of the proposed configuration in handling reactive power compensation in both steady and transient states are carried out using MATLAB/Simulink. The extensive simulation results in presence of the variable weather conditions confirm that the proposed concept is properly able to improve grid-side power factor and voltage in steady and transient modes, respectively, without requiring any additional STATCOM.