Intel Corp. and Canada's Brookfield Asset Management on Tuesday agreed to jointly fund up to $30 billion for the U.S. chipmaker's leading-edge chip factories in Arizona.

The move comes after U.S. President Joe Biden earlier this month signed the CHIPS and Science Act into law, which included provision of $52.7 billion in subsidies for U.S. semiconductor production and research.

Brookfield's infrastructure affiliate will invest up to $15 billion for a 49% stake in the expansion project, while Intel will retain majority ownership and operating control of the two chip factories meant to make advanced chips in Chandler, Arizona.

Intel finance chief David Zinsner said the arrangement between the companies "builds on the momentum from the recent passage of the CHIPS Act in the U.S."

The investment is part of a deal between Intel and Brookfield in February this year to explore project finance options to help fund new Intel manufacturing sites.

Last month, Intel slashed its annual forecasts due to falling PC demand.

After Pat Gelsinger took over the reins of the company in early 2021, Intel had announced multi-billion dollar investments across Europe and in the United States.

They were aimed at increasing Intel's chip production after the industry went through an over two-year long supply crunch that derailed production of cars to computers.