The functioning of the solar cells relies on the photo-generation of carriers in p-n junctions and their subsequent recombination in the quasi-neutral regions. A number of basic issues concerning the physics of the operation of solar cells still remain obscure. This paper reports on some unsolved basic problems, namely: a model of the recombination processes that does not contradict Maxwell's equations; the role played by space charges in the transport phenomena, and the formation of quasi-neutral regions under the presence of non-equilibrium photo-generated carriers. In this work, a new formulation of the theory that explains the underlying physical phenomena involved in the generation of a photo-e.m.f. is presented. (c) 2007 Elsevier B.V. All rights reserved.