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The fabrication of organic solar cells from aqueous dispersions of photoactive nanoparticles has recently attracted the interest of the photovoltaic community, since these dispersions offer an eco-friendly solution for the fabrication of solar cells, avoiding the use of toxic solvents. In this work, aqueous dispersions of pure poly[n-9'-heptadecanyl-2,7-carbazole-alt-5,5-(4',7'-di-2-thienyl-2',1',3'-benzothiadiazole)] (PCDTBT) and [6,6]-phenyl-C -butyric acid methyl ester (PC BM) nanoparticles, as well as of composite PC BM:PCDTBT nanoparticles, are prepared using the nanoprecipitation postpolymerization method. These dispersions are subsequently used to form the active layer of organic photovoltaic cells. Thin films of PC BM and PCDTBT are obtained by spray deposition of the nanoparticles' dispersions, and are characterized using a combination of spectroscopic and microscopic techniques. Photovoltaics that incorporate these active layers are fabricated thereafter. The impact of the annealing temperature and of the composition of the active layer on the efficiency of the solar cells is studied.