The aim of this work is to build a lumped parameter model of a closed loop drying system with recuperation of the condensate to be used in analysis, simulation and control design. The proposed approach is based on an energy-based modeling technique which guarantees the conservation of energy within the system. The whole system involves thermodynamics, air-water interaction with evaporation and condensation and humid air flows dynamics. The proposed model can be used to make a dynamic analysis of the system, to predict some non-measured variables, to make some sensitivity analysis for different parameters, to investigate the best operation point acting on factors affecting the drying quality and power consumption. Some simulation results are presented and compared to experimental results.