C60 reacted with aromatic and aliphatic carboxylic acids in the presence of inexpensive FeCl3 at room temperature to produce hydroxyfullerenyl esters C60(OCOR)(OH) in up to 68% isolated yield. The hydroxyl group was utilized in functional group transformations to obtain a diester derivative C60(OCOAr)(OCOPh) (Ar = 2,6-xylyl) and a siloxyl derivative C60(OCOAr)(OSiMe3). The diester and siloxyl derivatives were found to possess low-lying LUMO levels were utilized in organic photovoltaic devices showing 1.3% power conversion efficiency.