Selecting Variable Speed Drive

Yes if it's designed to work on that voltage....The VFD's come in many different flavors...

http://www.entechsales.com/services/variable-frequency-drives/

http://www.matlockelectric.com/VFD.aspx

http://www.variablefrequencydrives.net/

I've just seen you're in Oz so I suppose getting 200V is pretty simple because of asian influence, sorry I missed it!!

VFDs are made in 3 (or 4) "Classes" of drive, based on the incoming power supply rating: 200V Class, which covers 200 - 240V supplies, 400V Class, which covers 380-480V supplies, and 600V Class, which usually covers 575-690V supplies (some mfrs have what they call a "500V Class" which covers 480-575V and then they don't have a 690V offering).

VFDs have a lower limit on the incoming voltage Class that is not likely to be deep enough to accept 220V on a 400V Class drive. The general rule is -20% of the lowest nominal voltage in a Class, so 400V Class drives will accept down to 300V input (-20% for a 380V supply). The reason is, you have to be able to power the internal electronics and the built-in power supply may not be able to deal with the extreme low voltage. There are exceptions to the rule however, so if you look around you will find a few that will accept down to 50% of their rated voltage.

As was mentioned, you also must select the drive based on CURRENT, not power, because at the lower voltage your relatve power rating increases. In addition, the power components (transistors, diodes, capacitors etc.) that go into a VFD are more expensive for a 400V Class drive than they are for a 200V Class drive, so your equivalent cost will be significantly higher. So for example if a 30kW 230V drive were to cost you 1000 quatloos, a 52kW 415V drive, which is the equivalent current rating, will likely cost you 1300 quatloos, maybe more, even though the current rating is the same.