Rule #1 on sizing VFDs: Always size VFDs based on motor nameplate Full Load Amps. Never use HP or kW, because that's not what the VFDs are rated for, that's a "convenience". VFDs are rating in AMPS. That's what counts.
Rule #2: when in doubt, refer to Rule #1.
Rule #3: (for those in North America) when implementing Rule #1, do not use the motor Service Factor Amps (SFA), because the MOTOR manufacturers will tell you that when the motor is run from a VFD, the SF becomes 1.0, so there is no point in over sizing the VFD to cover a Service Factor you cannot use. (I know this may be confusing to the IEC world, but trust me, it's an issue I deal with a lot).
Corollary to Rule #1: VFD sizing has an aspect based on whether a load machine is "Constant Torque" or "Variable Torque". Variable torque loads are machines like centrifugal pumps and fans (quadratic for the IEC crowd) because as such, the nature of the load means it cannot be overloaded, so there is no need for the transistors in the VFD to be rated for overload conditions. In a centrifugal load, the only way to overload them is to INCREASE the flow, and if the machine was sized correctly, that should be impossible. So VFDs rated for "Variable Torque" or some call it "Normal Duty" or "Pump and Fan Duty" are sized to not have to provide very much overload capacity, usually 110% for 30 to 60 seconds. "Constant Torque" loads are basically everything that is NOT a centrifugal machine, and CT rated drives (also called "Heavy Duty") use larger transistors to be able to handle overload conditions, usually involving step-changes in load and the need to re-accelerate after that happens. They can typically handle 150% of rated current for 60 seconds.
SA07,
Your submersible pump could be either a centrifugal (turbine) pump or it could be a Positive Displacement (rod) pump, we don't know. That is something you will have to determine. If it is water, it is likely a turbine pump and therefore centrifugal. If it is oil, it's likely a rod pump and Positive Displacement. The PD pump would require a CT/ Heavy Duty rated drive. The drive you posted is rated for 481A output as a Normal Duty (VT) drive, so would be fine for a 390A motor. But it is only rate for 387A as a Heavy Duty (CT) drive, so would fall short of your required 390A if it is a PD pump.
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