Tellurian Inc. said in a regulatory filing Thursday it signed a binding letter of intent (LOI) to sell 800 acres for its Driftwood LNG export project in Louisiana to an unnamed institutional investor for $1 billion and then lease the property.

The company in a Form 8-K filed with the U.S. Securities and Exchange Commission said if the deal is completed it would lease the property for a 40-year term. The New York-based investor has $120 billion of assets under management, according to the filing. 

The 27 million metric tons/year (mmty) Driftwood liquefied natural gas plant would be sited on 1,200 acres on the west bank of the Calcasieu River, south of Lake Charles. Tellurian has yet to reach a final investment decision, but has already invested roughly $1 billion to develop the...