As the demand for hydrogen increases, large-scale electrolyzer plants powered by renewable energy sources are gaining attention. High Voltage Direct Current (HVDC) grids can be used to supply these plants, as they are widely employed to transmit large amounts of renewable energy over long distances. In this paper, a low-frequency transformer-based solution for providing the required output voltage for electrolyzers is explored. Specifically, this paper focuses on designing a transformer cascade that enables high-ratio, high-power voltage conversion. The applicability of transformer scaling laws to this scenario is examined and the increase in transformer window size at different voltage ratings is analyzed. A detailed comparison of single-stage and two-stage transformer solutions is performed, considering factors such as material usage, losses, and leakage impedance. The proposed solutions are modeled and simulated using Ansys Maxwell software. The results indicate that the increase in material costs for a two-stage solution is considerably lower than predicted by conventional scaling laws.