Japan’s largest power producer, Jera Co. Inc., is acquiring a 25.7% stake in the Freeport liquefied natural gas (LNG) export terminal in Texas for $2.5 billion as it looks to secure more of the super-chilled fuel amid skyrocketing prices and to help meet climate targets.

Investment firm Global Infrastructure Partners (GIP), which acquired the stake in 2015, is selling its interest in Freeport. The firm said Monday that it would buy a 49% non-operating interest in Woodside Petroleum Ltd.’s Scarborough LNG expansion project in Western Australia.

Jera already holds a 25% stake in one liquefaction train at Freeport. The new stake the company is acquiring would involve it in all three trains at the terminal. The deal comes during a tight market, where supply shortages, inclement...