Connection cables have a certain small resistance, and a small voltage drop will be seen across the cable set and at the terminals of the load bank. Although the generator instrumentation may indicate 480v, the load bank instrumentation will measure the terminal voltage at the load bank, for example, 473v.
KW varies as the square of the voltage: therefore, in the preceding example, if the load bank terminal voltage is reduced to 473v, then the resultant KW will be 97% of the rated KW. Where did that power go? It is lost as heat in the connection cables.