The present invention relates to a dye-sensitized solar cell including a light absorbing layer (1), a first conducting layer (2) for extracting photo-generated electrons from the light absorbing layer, a counter electrode including a second conducting layer (3), a porous insulating layer (5b) disposed between the first and second conducting layers, and a conducting medium for transferring charges between the counter electrode and the working electrode. The solar cell further comprises a third conducting layer (6b) disposed between the porous insulating layer (5b) and the second conducting layer (3) and in electrical contact with the second conducting layer, and the third conducting layer includes a porous substrate (8) made of an insulating material and conducting particles accommodated in the pores of the porous substrate and forming a conducting network (9) through the insulating material.