A high efficiency multiring solar cell (MRSC) system, including a number of single-junction solar cells and utilizing a novel multiring architecture is disclosed. Sunlight from the solar concentrator illuminates a double cone prism to create spatially separated spectral bands. Projection of the spectral bands on working surfaces of solar cells creates a sequence of spatially separated spectral rings, where rings corresponding to the spectral bands with longer wavelengths are enclosed by the rings corresponding to shorter wavelengths. The number of solar cells and their shape corresponds to the number and the shape of the respective spectral rings. Each solar cell is optimized for efficiently converting the sunlight from the corresponding spectral band. A corresponding method of forming solar cells and converting sunlight into electricity are also provided.