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My 94 it's just a pulley with a 15 or 16 mm bolt in the center. Turn the bolt counter-clockwise with the wrench and it will cause the pulley to swing upwards, releasing tension on the belt.
I think you've got the right pulley, it's just a pretty strong tensioner.
To tighten, do I need to pry it down and tighten the bolt (like the way you tension older cars)...
or just tighten the bolt and the tensioner will take car of itself?