NextDecade Corp. agreed to sell $50 million of its common stock to Abu Dhabi, United Arab Emirates-based sovereign investor Mubadala Investment Co. under a private placement.

NextDecade will issue the common stock at a price of $6.27 per share, according to an Oct. 24 news release. As a result of the investment, Mubadala will be entitled to one seat on NextDecade's board of directors.

Mubadala will also hold the right to make project-level capital contributions once NextDecade makes a final investment decision on its Rio Grande LNG export project.

The investment is expected to support NextDecade's capital position as it develops the Rio Grande project, the company said in the release. The proposed facility in Brownsville, Texas, is designed to have a capacity of up to 27 million tonnes per annum of LNG.