The VR is on the back of the alternator.
I'm not a mechanic / technician but I assume it would be the same as my 1982 Volvo 244GL . There are ( 2 ) small bolts/screws that hold it on the back of the alternator . I changed mine twice in the 12 years I had the car . Take the two screws out , tip the voltage regulator up as you remove it , installation is the reverse
A 1997 Pontiac Sunfire would have a voltage regulator and it would be found inside the alternator.
defective voltage regulator
If the voltage regulator (usually located inside the alternator) were to go bad and not limit voltage to the battery quite possilby _yes
The voltage regulator in a Volvo alternator has been built into the alternator since the 70's. To replace it, you would have to remove the alternator and disassemble it. Then the regulator can be accessed. It is probably soldered in, so you will need a good soldering gun and the ability to de-solder and solder. It would be quicker and easier to replace the alternator assembly with a remanufactured unit. massvolvoman
Defective voltage regulator.
If it's like my 1987, and I imagine it is, the alternator is internally regulated, so you won't find a voltage regulator box like you would on some older vehicles. In short, the voltage regulator is in the alternator.
Original equipment would have had an external voltage regulator. Internal regulators came out in the 1973 model year for GM.
It's inside the alternator. If you haven't already done one (and evidently you haven't) it would probably be best for you to just replace the whole thing. Some special tools are required and it can get a little overwhelming for the first timer.
Almost all GM vehicles come with an altinator that has a "built in" voltage regulator. Unless you are familiar with rebuilding GM type altinators(sp) I would just consider having it tested to determine if it's truly bad or possibly another issue.
Bad voltage regulator
defective voltage regulator