In this study, a thermodynamic analysis of a newly developed solar power tower‐based multigeneration plant is presented. This plant is integrated with thermal energy storage option in order to overcome intermittency of solar radiation. The proposed integrated multigenerational plant consists of the solar tower with thermal energy storage, Rankine cycle, organic Rankine cycle, absorption cooling cycle, hydrogen production and compression unit, hot water production and drying process. The overall energy and exergy efficiencies of integrated plant are determined as 54.15% and 51.28%, respectively. Also, some parametric analyses are carried out to investigate how the system variables affect the performance of the present system.