Multijunction solar cells direct sunlight towards matched spectral sensitivity by splitting the spectrum into smaller slices. The main challenge in the photovoltaic industry is to make the modules more cost effective. The high efficiency multijunction photovoltaics have played a very significant role in reducing the cost through concentrator photovoltaic systems being implemented around the world. For example National Renewable Energy Laboratory (NREL) and US Department of Energy (DOE) have funded several III-IV multijunction solar cell projects. In this paper we have introduced a new multijunction photovoltaic cell based upon InP/InGaAs/InGaSb, and performed a comparison of solar energy absorption, reflection and transmission with existing single-junction and multijunction cells being deployed around the world. The inclusion of InGaSb layer in the design has made a significant difference in absorption in the spectral range of 598nm-800nm, contributing to a higher efficiency of the solar cell.