Your schematic contains serious errors.
First of all get rid of the diodes..... They are put in the wrong way to begin with.
Second, the lm339 is a comparator and not suitable for regulation. You need an opamp.
There is an error in that the L and N connections should be shorted and connected to L, and ground should be replaced by N.
I think this is a switching circuit using the hysteresis of the LM339 and the time constants of C1 and C2, but I am not sure exactly how they intended it to work.
I would start with a linear circuit and not a switching circuit, so I would forget this circuit.
The idea of a DC current sink circuit combined with a full wave regulator is sort of OK in acting as a linear load, but AC loads often have to be able to simulate reactive loads which would eliminate that idea.
A circuit like this can only simulate a resistive load, if that is what you want.
If you need to be able to control the current phase, then you need a 4 quadrant circuit - a circuit that can source and sink current for both positive and negative cycles. Not a simple project.
Richard.