The interest in combined heat and solar power (CHP) systems has increased due to the growing demand for sustainable energy with low carbon emissions. An effective technical solution to address this requirement is using a parabolic trough solar collector (PTC) in conjunction with a Rankine cycle (RC) heat engine. The solar-powered Rankine cycle (SPRC) system is a renewable energy technology that can be relied upon for its high efficiency and produces clean energy output. This study describes developing a SPRC system specifically for electricity generation in Aden, Yemen. The system comprises parabolic trough collectors, a thermal storage tank, and a Rankine cycle. A 4E analysis of this system was theoretically investigated, and the effects of various design conditions, namely the boiler’s pinch point temperature and steam extraction from the high-pressure turbine, steam extraction from the intermediate-pressure turbine, and condenser temperature, were studied. Numerical simulations showed that the system produces a 50 MW net. The system’s exergetic and energy efficiencies are 30.7% and 32.4%. The planned system costs 2509 USD/h, the exergoeconomic factor is 79.43%, and the system’s energy cost is 50.19 USD/MWh. The system has a 22.47 kg/MWh environmental carbon footprint. It is also observed that the performance of the cycle is greatly influenced by climatic circumstances. Raising the boiler’s pinch point temperature decreases the system’s performance and raises the environmental impact.