My guess is a failed diode. Diode bridge rectifiers are old-school for sure, suck power and get hot. You can't imagine my "delight" in discovering that the 250W single phase alternator and crappy rectifier which gave me so much trouble on my 1998 Ducati was adopted by Rotax. After the Duc fried its second VRR, I replaced it with a modern SCR type used by Yamaha which not only charged at a lower rpm, producing a higher charge voltage at high rpm, but hasn't yet failed, nor do I expect it to. Of course that kind of fix on many Rotax installations is forbidden. Grrr.