On 23 July 2010, Chinese crystalline silicon (c-Si) module manufacturer Solarfun announced an RMB 7 billion (approximately US$1 billion) framework credit agreement with Bank of China, Nantong. The agreement, which will last for 10 years, is intended to fuel Solarfun's production capacity expansions and development efforts in the US and Europe. The announcement came one week after Solarfun announced plans to upgrade 160 MW of existing cell capacity to 18.5% efficient mono-crystalline product by 2011.