3-phase cage induction machines, operated in two series-connected and one-isolated(TSCAOI) winding configuration, have been proposed to generate standalone single-phase electricity at variable speeds for renewable energy conversion systems. However, the steady-state behaviour and performance of this particular generator are not yet to be theoretically investigated. This paper therefore presents the first theoretical investigation based on the steady-state equivalent circuit model for standalone TSCAOI configured generators. Moreover, this paper is the first to adopt the winding function approach to derive a dynamic mathematical model for TSCAOI configured generators. This approach not only eliminates the cumbersome mathematical manipulation required in all previous papers related to TSCAOI configured generators but also provides a visual insight into the resulting winding distribution of the machine. In order to investigate the load and excitation characteristics pertinently, the dynamic model is transformed into two different equivalent circuit models by appropriate selected transformation matrix. Using these two models, this paper identified the impacts of system parameters on the load and excitation characteristics, as well as on the level of voltage unbalance. Experimental results of a prototype generator under various operating conditions are presented, together with simulated results, to demonstrate the accuracy of the proposed investigations.