Utilization of rejected heat from a gas turbine power plant significantly adds to the energy utilization factor of the system. In this paper, the heat rejected from the gas turbine power plant is used to run an ammonia-water vapor absorption cooling system (VARS) cooling system and bioethanol as a fuel. This proposed system is designed to produce power as well as a cooling effect and hot water. The system is capable of manipulation in its power produced, cooling and heating as per requirement, and seasonal variation without increasing its complexity. This also reduces the loss incurred during electricity transmission, as the system is localized in nature. The paper investigates the variation in the system’s performance due to variations in system parameter. Under the designed condition, this system produces a power output of almost 270 kW, cooling capacity 137 kW, and 2972 tons of hot water at 62 °C per day. As bioethanol fuel is used for firing the combustion chamber, this system is also a renewable source of energy and also less pollution effect. This proposed system is significant in an agrarian county like India.