Photoinduced charge separation in blends of R organic materials of different electronic affinity and in organic donor acceptor hybrids is a process of increasing importance for biological and artificial energy conversion and photovoltaics. Organic polymer solar cells are composed of an electron donor and an electron acceptor between which an electron transfer occurs after excitation by sunlight. Charge separation results in the formation of donor cation radicals and acceptor anion radicals. Here, we present our studies on a donor-acceptor hybrid molecule composed of a phenylene-bithiophene macrocycle used as a donor and a perylene bisimide acceptor. Using continuous wave EPR and modern pulsed EPR methodology in combination with light excitation, intermolecular as well as intramolecular charge separation has been observed. Light-induced charge separation observed upon selective excitation of either one of the chromophores indicates that both LUMO-based and HOMO-based electron transfer from donor to acceptor takes place. These experimental findings are corroborated by DFT calculations in which the HOMO of the donor-acceptor hybrid molecule is found at the phenylene-bithiophene macrocycle and the LUMO at the perylene bisimide.