We studied the correlation between the appearance of defects and of breakdowns in fully processed solar cells by electroluminescence imaging. Images under forward and reverse bias were recorded, revealing defective areas and breakdown sites of the cells, respectively. In the experiments presented here an InGaAs camera system was used, which allows us to detect short wave infrared light in the 900–1700 nm range. Applying a forward bias the band-to-band luminescence (1.1 eV/1150 nm) and the defect-related luminescence (0.8 eV/1550 nm) were imaged. Both imaging techniques reveal mainly dislocation-rich areas and grain boundaries. Applying a reverse bias (approximately −10 V), breakdown luminescence occurs. It was found that the distribution of the breakdown sites across the solar cells is different from the distribution of the defects showing luminescence at 0.8 eV (grain boundaries, dislocations). The spatial separation between those defects and the breakdown sites was clearly evidenced by high resolution imaging. Possible reasons for such spatial separation are discussed.