Intermediate band solar cells (IBSCs) are designed to enhance the photovoltaic efficiency significantly over that of a single-junction solar cell as determined by the Shockley–Queisser limit. In this work we present calculations to determine parameters of type-II Zn1−xCdxTe/Zn1−yCdySe quantum dots (QDs) grown on the InP substrate suitable for IBSCs. The calculations are done via the self-consistent variational method, accounting for the disk form of the QDs, presence of the strained ZnSe interfacial layer, and under conditions of a strain-free device structure. We show that to achieve the required parameters relatively thick QDs are required. Barriers must contain Cd concentration in the range of 35–44%, while Cd concentration in QD can vary widely from 0% to 70%, depending on their thickness to achieve the intermediate band energies in the range of 0.50–0.73 eV. It is also shown that the results are weakly dependent on the barrier thickness.