The voltage regulator is on the back of the alternator and access is from underneath, I'm pretty sure the belly pan has to come off. It's held in with two big philips screws.

Tha hardest part in changing it was probably posting this thread

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5 speed '91 190E 2.6 320,000 mi. (new car, fast, smooth as silk six, couldn't find any more Peugeots)
5 speed '85 Peugeot 505 2.5l Turbo Diesel 266,000 mi. (old car, fast for a diesel, had 2 others)
5 speed '01 Jetta V6 (new wifes car, pretty quick)
5 speed '85 Peugeot 505 2.2l Turbo Gas 197,000 mi. (wifes car, faster, sadly gone just short of 200k )
5 speed '83 Yamaha 750 Maxim 14,000 mi. (fastest)
0 speed 4' x 8' 1800 lb Harbor Freight utility trailer (only as fast as what's pulling it)