Electricity generation through the burning of fossil fuels is one of the main contributors to the climate change problem. The use of renewable energy sources is a promising strategy to help mitigate this problem. This paper considers two forms of renewable energy: solar and biomass (algae) for power generation. The paper also accounts for the thermal storage of solar energy. A multiobjective optimization formulation is developed to reduce greenhouse gas emissions and cost in the electricity generation process. The model is based on a new superstructure that incorporates various design configurations and screens different thermal storage systems. A case study is presented to show the applicability of the proposed approach and how the economic and environmental objectives can lie reconciled.