from a practical standpoint this is how some folks do it
they arrive at the capacitance needed for the load being supplied, via trial and error
and a little luck...
then they attach the capacitors to the load, and place a contactor/relay between that load and the generator, and use a switch to control the contactor/relay coil.
contactors are better than relays because of the contacts being dual break, so they are better at handling inductive loads.
this way whenever a specific load is brought on line, it comes with the needed capacitance to stabilize the voltage with that load online.
it ain't perfect, because you can have various loads, coming on at any number of combinations that might be additive in capacitance during starts or runs, and have the voltage rise higher than one would like. for simple systems it works, and for more complex systems it can work if you control what loads come on and keep them separated if possible, or at least determine which combinations are dangerous and not go there.
to do it right, one would likely want to go with Bruce's method, it is dynamic instead of static, so the controller can be programmed to handle whatever loads or whatever combinations of loads and apply the needed capacitance to keep the voltage within
acceptable limits. the controller could sample the line voltage and add or remove capacitance as needed, and do it in fairly fine resolution via the use of a variety of capacitor values. for example a 5mfd, 7mfd, 10mfd, 15mfd, and a 20mfd could provide everything from 5 to 57mfd of capacitance, in a variety of combinations.
5, 7, 10, 12, 15, 17, 20, 22, ... you get the idea.
five contactors to switch the capacitors in various combinations controlled by the programming of the microcontroller and you have a very neat solution.
the contactors are relatively cheap, very robust, easily repaired of rebuilt (most of them anyway) and available all day long on ebay.
there is the electronic solution via hardware, now all you need is some empirical data and know how to program the micro to do the switching.
bob g