Same? Not really, but "similar". With an A-T-L connected motor being overhauled by the load, the motor will put energy back into the line, up to the limits of what the motor can do, but ONLY when the overhauling load drives it at super synchronous speed. So for example if you have a 4 pole motor with a 1750RPM slip speed, the only time it is effectively regenerating will be at >1850RPM. At that point is is producing negative torque; it is attempting to RETARD the load, up to and including the limitations is has. Too much overhauling and the motor loses it's negative torque capability, the load runs away AND the motor overloads. Not enough overhauling and the motor either coasts as an additional inertial load, or at some point, starts motoring again; consuming power.
The only thing about this that an AFE drive does for you is this; the AFE drive can keep the motor in regen at ANY load speed. For for example if the load speed is 1600RPM, the VFD simply gives it a speed reference output of 1550RPM. If the load speed drops to 1550RPM, the VFD puts out 1500 then when it drops to 1500 the VFD drops to 1450 (non scaled examples, in reality the VFD matches the motor's slip percentage). So it KEEPS the motor in an overhauling condition regardless of the load speed. In addition, as the motor approaches and OL condition in regen, the VFD can just back off on the negative slip and keep it from having to shut down completely (again, within the limits of its capacity). Without the AFE drive, you have no ability to do any of that.
Frankly I'm a bit shocked that your utility has to ask this question, the concept is the same for Induction Wind Generators, and they have no inverter involved on most of them. They control the overhauling load by slipping wind off of the propeller through changing the angle of attack, but the motor is connected A-T-L.