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.

As part of the deal, TSMC agreed to invest about $65 billion to expand operations in Phoenix, in order to build its most advanced chips. It also agreed to limit stock buybacks for

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.