A hybrid powertrain having an engine, multi-speed transmission connected to a final drive and not continuously connected to the engine, a single motor/generator connected to an energy storage device and a controller and not continuously connected to the engine or transmission, and three clutches. The first clutch is connected to the engine, the second clutch is connected to the transmission and first clutch, and the third clutch is connected to the motor/generator and first and second clutches. The first and second clutches are operable for selectively interconnecting the engine and transmission; the first and third clutches are operable for selectively interconnecting the engine and motor/generator; the second and third clutches are operable for selectively interconnecting the transmission and motor/generator; and the three clutches are operable for selectively interconnecting the engine, transmission and motor/generator to transmit power therebetween. An engine starter system may be connected to the engine to transmit power to and receive power from the engine.