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 White House on Friday announced it had finalized an agreement with a major semiconductor manufacturer to invest billions of dollars in facilities in Arizona as President Biden looks to cement parts of his legislative legacy before leaving office in January.

By the end of the year, the company will already have $1 billion of the funding in hand, according to the New York Times. The funds will supplement $65 billion in funds that TSMC