This paper deals with a new multigeneration system which is primarily powered by renewable energy, geothermal energy and assisted with solar energy. This multigeneration system consists of a single flash geothermal cycle, heat pump system, single-effect absorption cooling system, thermal energy storage connected with auxiliary steam turbine, hot water system and drying system. The aim of this system is to produce five output commodities; refrigeration for industry, heating air for residential application, hot water for domestic use, drying food and finally electricity. The system is assessed both energetically and exergetically. The overall energy and exergy efficiencies are found to be 69.6% and 42.8% respectively. The effects of changing various system parameters on energy and exergy efficiencies of the overall system and its subsystems are examined accordingly.