In the present paper the progress in the field of solar energy conversion for the production of electricity and storable chemical fuels during the last decade is reviewed. The current-potential behavior of regenerative photovoltaic cells are derived and related to charge transfer processes at the solid/liquid interface. Various cells are critically analyzed in view of their stability and conversion efficiency. A number of factors limiting the photovoltage are discussed in terms of a stabilization mechanism, trapping of minority carriers at the interface and the forward dark current. Concerning the production of chemical fuels the photocleavage of water and hydrogen sulfide, the reduction of carbon dioxide and the formation of ammonia is evaluated. The main emphasis is laid here on catalytic processes at semiconductor electrodes and particles. The principle function of catalysts being deposited on extended electrodes and particles are discussed in detail.