We report on the electrical and optical properties of ZnO/Ag/MoO3 (ZAM) multilayer electrodes deposited directly on glass substrates by a combination of radio frequency (RF) and direct current (DC) sputtering for bulk-heterojunction organic solar cells (OSCs). Compared to indium tin oxide (ITO) electrodes showing 20 Q/sq, the transparent composite electrodes (TCE) in this study exhibited very low sheet resistance of 5 Q/sq without post annealing. In addition, as a hole transport layer, the Mo03 performed with a higher fill factor than PEDOT:PSS due to lower series resistance, resulting in a power conversion efficiency of 2.3%, V-oc, of 0.59 V, and J(sc) of 9 mA/cm(2). The power conversion efficiency of the OSC with the ZAM electrode is lower than that of organic solar cells on ITO which has 3.3% efficiency, due to lower transmittance after Mo03 layer deposition. However, our results do support the possibility of using MoO3 as both Ag protecting and hole transport layers for indium-less and PEDOT:PSS-less bulkheterojunction OSCs. Published by Elsevier B.V.