At no load Synchronous Impedance of the alternator is responsible for creating angle difference. So it should be zero lagging like inductor.
At no load the alternator will be supplying the inductive load of its own magnetic circuit and will be running at a low low power factor. At full load it will vary considerably from a low power factor if the load is essentially induction motors in a factory to a high power factor if it provides supply to mainly heating load.
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