Brookfield Infrastructure to spend up to $15B for 49% stake in Arizona plant
Brookfield Infrastructure Partners (NYSE:BIP) said on Tuesday it plans to invest up to $15B to jointly fund Intel's (NASDAQ:INTC) under-construction semiconductor fabrication facility in Chandler, Arizona.
Brookfield Infrastructure (BIP) will own a 49% stake in Chandler expansion, while Intel (INTC) will hold a 51% stake.
Brookfield (BIP) said it secured financing to fund a significant portion of its capital investment in the arrangement with Intel (INTC), and its equity portion will be phased over the duration of the construction period and is anticipated to total $500M-$750M in aggregate.
The company said the multi-year capital expansion project will replenish its existing backlog of capital projects that near completion this year, including the Heartland Petrochemical Complex and the second phase of the buildout of electricity transmission lines in Brazil.
Brookfield Infrastructure Partners (BIP) recently reported Q2 FFO earnings of $0.67/share on revenues of $3.68B.