We report the absorption spectra and photophysical properties of homo and hetero‐aggregate assemblies of a strongly emissive N‐annulated perylene dye (P) and of a dyad made of P and a methyl viologen derivative (P‐MV), in ethanol‐water solutions. In homo‐aggregate assemblies of P, the strong π−π* fluorescence of the isolated chromophore is replaced by an excimer emission at lower energy, with a lifetime of 900 ps, due to excimer formation from the initially prepared excitons. In homo‐aggregate assemblies of P‐MV, photoinduced charge separation, with formation of P+‐MV‐ species, occurs in 3 ps and with a charge recombination of 20 ps, close to the time constants of the same processes exhibited by P‐MV isolated dyad in acetonitrile or ethanol solution. In mixed hetero‐aggregate P/P‐MV systems, the light energy absorbed by the P components is suggested to delocalizes (by exciton formation) over various P subunits, and when a P‐MV unit is reached, charge separation occurs; however, excimer emission is still present, particularly for P/P‐MV ratio larger than 3:1, indicating that delocalized excitons within the hetero‐aggregate systems extend over a limited, small number of P chromophores.