A novel hybrid configuration of solar parabolic trough collectors–waste incineration power plant was recently analyzed energetically in Denmark. Taking into account the true meaning of sustainability which is environmental friendliness and cost-effectiveness, and considering the existing gap of knowledge on the thermodynamic performance aspects of this hybrid system, this work conducts a thorough thermodynamic and sustainability analysis of this power plant. The main aim is to give a clear picture of the main advantages and any possible shortcomings of the hybrid power plant. For this purpose, the performance of the system is simulated for an entire year of operation under realistic solar irradiation fluctuations. The energy performance indices of the system are quantified and discussed. The exergy assessment of the hybrid cycle is accomplished, and the main sources of exergy destruction and economic losses are identified. The results show that the steam generator and the turbine cause the largest rates of irreversibilities of 36% and 20.8%. The environmental benefits and the overall cost of energy production of the system are calculated and compared to some other alternative power plants. In addition to the consistency of electricity production, the LCOE of the hybrid power plant decreases by 67% in comparison with the solar power plant. Comparing the system with a natural gas-fired power plant in terms of CO2 emission, it is shown that the hybrid system leads to less 74.5 thousand tonnes of CO2 emitted over an entire year.