Intel, Brookfield sign deal to co-invest $30B in chip plants
Intel Corporation said on Tuesday that it has partnered with Brookfield Asset Management to provide Intel with "a new, expanded pool of capital for manufacturing build-outs." Besides, the two companies will invest up to $30 billion in one of Intel's facilities.
The new Semiconductor Co-Investment Program (SCIP) will also introduce a new funding scheme to the capital-intensive semiconductor industry, while at the same time, will represent a vital element of Intel's Smart Capital approach. The latter aims to give innovative ways to fund growth, "creating further financial flexibility to accelerate the company's IDM 2.0 strategy."
"Our agreement with Brookfield is a first for our industry, and we expect it will allow us to increase flexibility while maintaining capacity on our balance sheet to create a more distributed and resilient supply chain," said David Zinsner, Intel CFO.