A major issue that inhibits the large-scale fabrication of organic solar modules is the use of chlorinated solvents considered to be toxic and hazardous. In this work, composite particles of poly[N-9'-heptadecanyl-2,7-carbazole-alt-5,5-(4,7-di-2-thienyl-2',1',3'-benzothiadiazole] (PCDTBT) and [6,6]-phenyl C71 butyric acid methyl ester (PCBM) were obtained in water from a versatile and a ready-to-market methodology based on postpolymerization miniemulsification. Depending on the experimental conditions, size-controlled particles comprising both the electron donor and the electron acceptor were obtained and characterized using transmission electron microscopy (TEM), atomic force microscopy (AFM), small-angle neutron scattering (SANS), UV-visible absorption, and fluorescence spectroscopy. Intimate mixing of the two components was definitely asserted through PCDTBT fluorescence quenching in the composite nanoparticles. The water-based inks were used for the preparation of photovoltaic active layers that were subsequently integrated into organic solar cells.