So my understanding of it would be: (to use your analogy)
they are paying $130 mill for 50% of the project. eg if i own a house worth $1 mill and you buy half for $500k and then we agree to renovate it you must fund your half and i can use some of my $500k for my half of the renovations. But then WE agree to renovate it WITH MY $130 mill you gave me, and then you raise a loan to pay the rest.