While this is an almost impossible question to answer, due to the fact I did not built the plane----and only the builder really knows the answer-----I am going to take a stab at answering your question.
A possible explanation is that when originally built, the switch labeled Gen controlled the charging device, and then later a mode C encoder was added, and the switch for that was labeled "Alt"
Really, you will have to contact the person who installed the switches, or trace out the wire runs---or maybe you can get lucky if you can not figure it out by switching things on and off, and watching what happens when you do so.
Good luck...........you may need it.