This paper introduces a newly developed hybrid power plant design that combines renewable energy sources to produce both electricity and freshwater. The design offers a higher gain output ratio (GOR) and improved efficiency in power and freshwater production, all at a lower cost compared to existing research papers. To generate power, the power plant incorporates a range of technologies, such as a horizontal-axis wind turbine (WT), photovoltaic panels (PV), parabolic trough collectors (PTC), a steam Rankine cycle, a multi-stage flash (MSF) desalination unit that cleverly harnesses excess heat from the Steam Rankine cycle, and an Reverse osmosis (RO) unit. With the assistance of ASPEN Plus, ASPEN Economic, and HOMER PRO software, the process parameters undergo significant improvement. According to the results, the power plant has the capacity to generate 57.63 MW of electricity and produce 2505 m3h of freshwater. Additionally, it has a GOR of 9.09 and utilizes 7285 m3h of seawater, which has a renewability factor of 97.6 %. In addition, the efficiency of the steam Rankine cycle stands at 32 %, providing notable energy savings. The production costs for electricity and freshwater are 0.037 $kW and 1.38 $m3, respectively, indicating their affordability. The economic analysis reveals promising results for the project, with an anticipated annual profit of 41 % and a relatively short capital payback period of 2.4 years. By implementing the proposed hybrid cogeneration power plant, the region can tackle its water and energy scarcity issues with a sustainable and long-lasting solution.