> The new material can also withstand temperatures greater than 700 degrees Celsius and survive many years outdoors in spite of exposure to air and humidity.
For simplicity, lets assume that it's 723°C (1333°F), and there is a nice summer afternoon and the environment temperature is 23°C (73°F). In Kelvin, we have 1000K and 300K.
By the second law of thermodynamics, we have that Q_in/T_in < Q_out/T_out,
so Q_in/1000K < Q_out/300K
then Q_out > 3/10 Q_in.
At least the 30% of the heat that enters has to be released to the environment in some type of cooler. So the efficiency of the heat to electricity conversion is at most 70%. If we multiply that by the 90% efficiency of the light to heat conversion, we get at most 63%. (65% in a cool winter morning :) ).
The Wikipedia article is not very clear ( http://en.wikipedia.org/wiki/Energy_conversion_efficiency ), but I guess that in a real power plant, we'd get at most a 40% or 60% heat to electricity conversion efficiency instead of the theoretical 70%.