This research work presents a techno-economic analysis of a biomass gasification plant fueled with residues from the olive oil and almond industries for combined heat and power generation in the agrifood sector. The experimental plant consists of a downdraft fixed bed gasifier, a producer gas cleaning and cooling system and a spark-ignition engine–generator set as a power generation unit, which generates about 10–12 kW of rated electric power. With an average consumption between 13–14 kg/h of exhausted olive pomace pellets as feedstock, the producer gas volumetric flow rate was 31 Nm³/h (vol. %: 19.2 H₂, 12.9 CO, 1.9 CH₄, 19.2 CO₂, 46.7 N₂). The average cold gas efficiency was nearly 63%. This work also addresses the characterization and potential application of the carbonaceous solid residue (biochar), discharged from the gasifier at 1.7 kg/h. Finally, an economic feasibility analysis was developed, wherein the payback period ranges between 5–9 years.