Nanostructured Pt decorated functionalized multiwalled carbon nanotubes (Pt/f-MWNTs) cast on fluorine doped tin oxide coated glass (FTO) is demonstrated as a novel counter electrode (CE) for dye sensitized solar cells (DSSCs). Pt particles (20 wt.%, size <5 nm) are uniformly decorated on f-MWNTs using a facile microwave assisted polyol reduction method. The DSSC fabricated with Pt/f-MWNTs CE (effective Pt loading similar to 10 mu g cm(-2)) exhibits an enhanced efficiency of similar to 5.4% (under an illumination of AM 1.5G. 100 mW cm(-2)), compared to similar to 2.3% and 4.5% for f-MWNTs and Pt CE based reference DSSCs. The CEs are fabricated without using conventional binders using a simple doctor blade method. A new equivalent circuit is proposed to model the electrochemical impedance behavior of porous f-MWNTs based CE. On the other hand, the behavior Pt/f-MWNTs based electrode is similar to that of Pt nanoparticles but with higher catalytic activity. Cyclic voltammetry studies reveal that Pt/f-MWNTs counter electrode offers greater catalytic surface area and facilitates faster reaction at its surface. (C) 2012 Elsevier Ltd. All rights reserved.