A photovoltaic cell includes a first substrate having on its surface a first electrode layer having on its surface a semiconductor film on which a photosensitizer is adsorbed, and a second substrate having on its surface a second electrode layer. The first and second substrates are arranged so that the first electrode layer overlaid with the semiconductor film and the second electrode layer are opposite each other with an electrolyte disposed therebetween. Spacer particles are interposed between the semiconductor film and the second electrode layer, and at least one of the electrode-layer-having substrates is transparent. A coating liquid for forming the semiconductor film includes both a component for forming the semiconductor film as well as the spacer particles, dispersed in a dispersion medium.