I dummied up a model of the Big Power Pole in Blender, and demonstrated that it does appear that renders are being preformed with a point source instead of a sun source. In these two images, the upper-left quadrant has my very simple model with the game's sprite overlaid, the upper-right has just the rendered shadow layer, the bottom-left has my model, and the bottom-right has the game's sprite. These are all rendered with a point light source. You will notice that the edges which are vertical in the front composite cast non-parallel shadows in the side composite. I did not do renders with a parallel light source, but it would result in the shadows remaining parallel, which is likely the intended scenario (as it mimics reality far better, and could potentially lead to slightly smaller sprites).
EDIT: For completeness, here are renders with a parallel light source (at