Transparent and conducting ITO/Ag/ITO (IAI) multilayer coatings were deposited on glass and flexible fluorinated ethylene propylene (FEP) substrates by reactive sputtering using metallic In:Sn (90%:10%) and Ag targets at room temperature. Middle Ag layer thickness was optimized to obtain maximum figure of merit (phi) and the optimum Ag layer thickness was found to be-13 nm. The optimized IAI multilayer on glass substrate showed transmittance of similar to 88.6% and sheet resistance of similar to 7.1 Omega/sq. The transmittance increased to similar to 91.4% for the IAI multilayer deposited on one side etched glass. The optimized IAI multilayer coating was also deposited on flexible FEP substrates. The electrical, optical, structural and morphological properties of IAI deposited on glass and FEP substrates were compared. IAI deposited on FEP substrate showed transmittance of-90.2% at = 550 nm, sheet resistance of similar to 6.9 0/sq. and figure of merit of similar to 52 x 10(-3) Omega(-1). Bending test of IAI deposited FEP proved the high flexibility of IAI multilayer for the flexible transparent electrode applications. Solar selectivity study of IAI on FEP substrate showed it can effectively reflect the higher wavelength region of solar spectrum and can be used as a flexible solar spectrum segregator. Optical haze measurements of IAI coated glass and FEP show that high haze value can be achieved by increasing the roughness on non-coated side of the HP substrate.