We investigated a semiconductor heterostructure based on InGaAsP multi quantum wells (QWs) using optical characterizations and demonstrate its potential to work as a hot carrier cell absorber. By analyzing photoluminescence spectra, the quasi Fermi level splitting Dl and the carrier temperature are quantitatively measured as a function of the excitation power. Moreover, both thermodynamics values are measured at the QWs and the barrier emission energy. High values of Dl are found for both transition, and high carrier temperature values in the QWs. Remarkably, the quasi Fermi level splitting measured at the barrier energy exceeds the absorption threshold of the QWs. This indicates a working condition beyond the classical Shockley-Queisser limit.