First question - what rpm is the engine running at when you test the voltage? Unlike an alternator, a generator will not produce much more than 12v at idle, it will need up to 2,000rpm to get 14v.
That apart, the voltage will not get out of control until the battery is fully charged - the C40 just does not put out enough current. Is the battery charged? If the generator is charging at its maximum for the rpm, nothing the regulator will do can make the voltage higher, and it will only rise as the battery becomes charged, only reaching 14v when the battery is fairly well charged.
To check that the generator is actually working, run a lead directly from the B to the F terminal at the generator and see what this does to the voltage. Also, check the voltage at the main terminal of the generator - this should rise from zero as the engine is started and revs increase and when it gets to a bit above the battery voltage the cutout in the regulator should close, and the voltage then will be the same as the battery.
Hope this helps.
John
				
			 
			
		 
			
				
			
			
				John
JDNSW
1986 110 County 3.9 diesel
1970 2a 109 2.25 petrol
			
			
		 
	
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