Owing to the intermittent solar irradiance from cloud cover in the diurnal period and unavailability at night time, the practical design of a solar system requires energy backup storage for an uninterrupted supply or for off-grid operation. However, for highly efficient CPV (concentrated photovoltaic) system, the literature is lacking for energy management and optimization algorithm and tool for standalone operation. In this paper, a system with CPV and electrolyser is presented where beam irradiance of sunlight is harnessed to convert the instantaneously generated electricity into useful Hydrogen/Oxygen gas, where they can be stored and re-used for downstream applications such as the fuel cells, etc. The multi-variable design and multi-objective optimization strategies are proposed and presented for a standalone operation of the CPV-Hydrogen system as well as their system performances, particularly electrical rating of CPV based upon the real weather data of Singapore.