In this work, a novel design of a concentrated photovoltaic system with thermal management using phase change material is analyzed. The novelty lies in utilizing two mono-facial photovoltaic cells, installing one on upper side of the receiver to receive non-concentrated sunlight and installing another photovoltaic cell on bottom side to receive concentrated sunlight. An RT47 (melting range of 41-48?) phase change material enclosed in an aluminum containment regulates the temperature of the system. Parabolic trough concentrator is used to focus sunlight on the bottom photovoltaic cell with a concentration ratio of 25. A finite volume based coupled thermal, electrical and optical model is developed and the system is analyzed for environmental conditions of Doha, Qatar. Temperature regulation and electrical power output of upper photovoltaic cell and bottom concentrated photovoltaic cell of proposed design are compared to a conventional flat plate system. Analysis is made for one day of each month of a year. It is found that the proposed design maintains the temperature below 85? for all months of a year. The performance of the proposed system is comparable to the conventional flat plate system and excels it with power production in the range of ?4.7% and +21.7%.