"We have had problems..."
What kind of problems?
"240V Delta three phase..."
What are your voltage measurements? This denotes only the "nominal" voltage.
"The new Baldor drive required Y three phase only..."
What series of Baldor drive? I see that the H2 Series
recommends having a balanced voltage with respect to ground, but does not technically "require" it. If they did, they would sell very few 240V VFDs in the US, because 240V Wye does not even exist here. Did you actually contact Baldor and ask them? Sometimes they put this stuff into manuals just to cover the rare problems, not the general use. BTW, I have never seen this issue with Allen Bradley nor Benshaw either.
You may have some other pertinent problems with your incoming line, such as a severe voltage imbalance, but just being a Delta system is not the sole cause. 240V "red-leg" Delta as it appears you have, is a low cost way of having 3 phase main power with a small amount of 120V for lighting and such by connecting to a center tap on one winding of the transformer. That is why you read 210V to ground on one leg, it is the one NOT common to that center tap. The down side with this arrangement is that those 1 phase 120V loads represent an immediate imbalance in current, which creates an imbalance in voltage. The original intent, that of a "small amount" of 1 phase loads tapped off, is often lost on the 2nd, 3rd or 4th owner/tenant and they keep adding on to the system without realizing the consequences. One day, your 3 phase voltage imbalance is so bad that your 3 phase equipment starts giving you trouble.
Bottom line, more investigation is warranted.
JRaef.com
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