This study evaluates the integral use of the sugarcane bagasse on the productive process of a cogeneration power plant in an Ecuadorian Sugar Company. Thermoelectric power plants burning biomass require a large initial investment and, for example, this initial investment requires $800/kW, which is double the initial investment of a conventional thermoelectric power plant that is $400/kW, and almost similar to the initial cost of a hydroelectric power plant that is $1000/kW. A thermoeconomic study was made on the production of electricity and the sales of the exceeding 27 MW average. From the results, it was concluded that generated electricity costs are $0.0443/kW h, in comparison with the costs of the supplied electricity through fossil power plants with values in the range $0.03–$0.15/kW h and hydroelectric power plants with a value of about $0.02/kW h. Cogeneration power plants burning sugarcane bagasse could contribute to the mitigation of climatic change. This specific case study shows the reduction of the prospective emissions of greenhouse effect gases in the amount of 55,188 ton of CO2 equivalent per year.