Photovoltaic devices based on soluble conjugated polymers have gained great interest in recent years because of the potential low cost of production and ease of fabrication. PCBM ([6,6]-phenyl-C61-butyric acid methyl ester), a fullerene derivative, has been extensively investigated as a solution processable electron acceptor for bulk-heterojunction (BHJ) photovoltaic devices blended with conjugate polymers like P3HT [poly(3-hexylthiophene)]. Here, we investigated a novel solution processable organic semiconductor, C60(CN)2, as an electron acceptor for bulk heterojunction photovoltaic applications. Optical and electrical properties of C60(CN)2 are studied and compared with PCBM. Blend devices with P3HT and C60(CN)2 have been fabricated and compared with P3HT-PCBM devices. The effect of thermal annealing on the device performance is evaluated. Open circuit voltage, short circuit current, fill factor and total efficiency data are compared with PCBM based devices.