Integrated biomass gasification combined cycles can be advantageous for providing multiple products simultaneously. A new electricity and freshwater generation system is proposed based on the integrated gasification and gas turbine cycle as the main system, and a steam Rankine cycle and multi-effect desalination system as the waste heat recovery units. To evaluate the performance of the system, energy, exergy, and economic analyses were performed. Also, a parametric analysis was performed to assess the effects of various parameters on the system’s performance criteria. The economic feasibility of the plant was analyzed in terms of net present value. For the base case, the performance metrics are evaluated as ${\stackrel{.}{W}}_{net}=8.347 \mathrm{MW}$, $\epsilon =46.22\%$, $SUCP=14.07 \$/\mathrm{GJ}$, and ${\stackrel{.}{m}}_{fw}=11.7 \mathrm{kg}/\mathrm{s}$. Among all components of the system, the combustion chamber is the greatest contributor to the exergy destruction rate, at 3250 kW. It is shown with the parametric analysis that raising the combustion temperature leads to higher electricity and freshwater production capacity. For a fuel cost of $2 \$/\mathrm{GJ}$ and an electricity price of $0.07 \$/\mathrm{kWh}$, the total net present value at the end of plant’s lifespan is $6.547\times {10}^6 \$$, and the payback period is $6.75$ years. Thus, the plant is feasible from an economic perspective.