Concentrating photovoltaic-thermal (CPVT) collectors have to face the challenge of contrary temperature requirements in the single receiver parts. The PV cells require low temperatures to achieve high efficiency, whereas the thermal part should generate high temperatures for providing industrial heat. The approach of “Spectral Splitting” can offer a solution for compact CPVT receivers; however, a clear quantification of the expected conversion efficiency is difficult. Therefore, this paper describes a modelling methodology for obtaining electrical and thermal performance parameters for a Spectral Splitting configuration using semiconductor-doped glass combined with appropriate heat transfer fluid. The PV technologies c-Si, CIGS and CdTe are considered. The presented model yields distinct results for maximising the electrical efficiency, calculates the reduction in waste heat dissipation within the cells and assesses the impacts of concentration factor and cell temperature. An optimised configuration could be found with CIGS cells, impinged by a selected wavelength spectrum between 868 nm and 1100 nm, where the theoretical efficiency reaches 42.9%. The waste heat dissipation within the cells is reduced by 84.9%, compared to a full-spectrum operation. The depicted CPVT receiver design using bendable thin-film PV cells will be realised as a prototype in a subsequent project phase.