In this paper thermodynamic and thermoeconomic analyses and even optimization of a Kalina cycle (KC) which is adapted to an actual solid waste power plant with a 5.66 MW installed capacity are presented as an alternative solution which is utilized to produce additional power from the exhaust gas of the plant. Up to now there is almost no study related with an adapted KC to a typical municipal solid waste power plant, and also no study based on an optimization, thermodynamic and thermoeconomic analyses of such a system together. All these facts show the novelty of this study. Herein the waste heat with a temperature of 566 °C is utilized by the adapted KC. According to the analyses of the first and second law of thermodynamics on the system, it is deduced that the electricity of 954.6 kW can be produced with the exergy efficiency of 24.15%. Furthermore, this power production can be improved by using non-dominated sorting genetic algorithm method (NSGA-II) in MATLAB software program. According to the optimization study, the deviations of the net power output and the total cost rate are found to be +3.62% and −1.47 $/h, respectively for the cycle.