The U.S. Commerce Department said Friday it has finalized a $6.6 billion government subsidy for Taiwan Semiconductor Manufacturing Co's U.S. unit for semiconductor production in Phoenix, Arizona.

The Biden administration finalized its Chips Act incentive awards for Taiwan Semiconductor Manufacturing Co., marking a major milestone for a program meant to bring semiconductor production back to US soil.

Under the agreement, the chipmaker will receive up to $6.6 billion worth of grants to finance a fab complex it’s currently building in Arizona. TSMC also has the option to access up to $5 billion in loans.