In order to have a better understanding of ultrafast electrical control of exchange interactions in multi-orbital systems, we study a two-orbital Hubbard model at half filling under the action of a time-periodic electric field. Using suitable projection operators and a generalized time-dependent canonical transformation, we derive an effective Hamiltonian which describes two different regimes. First, for a wide range of non-resonant frequencies, we find a change of the bilinear Heisenberg exchange that is analogous to the single-orbital case. Moreover we demonstrate that also the additional biquadratic exchange interaction can be enhanced, reduced and even change sign depending on the electric field. Second, for special driving frequencies, we demonstrate a novel spin-charge coupling phenomenon enabling coherent transfer between spin and charge degrees of freedom of doubly ionized states. These results are confirmed by an exact time-evolution of the full two-orbital Mott-Hubbard Hamiltonian.

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