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The aim of this work is to present a dedicated Solar Polygeneration System (PROTEAS System) for the simultaneous production of electricity, hot water and air-conditioning. The core of the PROTEAS System is the innovative setup of Total Internal Reflection Reflectors made of plastic (Primary Optical System), which concentrate the solar rays up to 5,000 suns, homogenized to 1,000 suns by specially designed Total Internal Reflection Homogenizers (Secondary Optical System). High-efficiency Photovoltaic Cells are used to generate electricity. Furthermore, water -used for cooling down the photovoltaic cellsis heated up to 85-90°C and with the use of an advanced Absorption NH3 Heat Pump, is turned to chilled water for air-conditioning (7-12°C) and subsequently to domestic warm water about 45-55°C. PROTEAS modules are suitably spaced on a low-profile metallic ring which tracks the sun. The engineering of the system has already been initiated and some of the subsystems have been successfully developed. PROTEAS will be installed and evaluated in a building under real operational conditions in order to demonstrate the feasibility of the investment in terms of energy savings and assess its potential as a new market solution, which can be both cost effective and environmentally friendly.