With the increasing global concern regarding climate change and the need to reduce greenhouse gas emissions, carbon capture and utilization (CCU) technologies are seen as one of the primary steps toward large-scale decarbonization prospects. In this context, a thorough assessment of each CCU pathway is required from both techno-economic and environmental aspects. In this work, the potential of carbon biofixation through microalgae cultivation is evaluated by preliminary technical design and calculation of plant economics in the case of the Turakurgan natural gas-fired combined cycle power plant located in the eastern part of Uzbekistan. The primary data used in this study are obtained from the open access project report of the targeted power station along with recently published literature sources. According to the results, although the purchase and installation costs of photobioreactors require significant investments in the capital cost, the technology would still be cost competitive as long as there is a carbon tax imposition of around USD 50 per ton of CO₂ emissions. However, CO₂ biofixation can be relatively more suitable compared to benchmark absorption, particularly in low-CO₂-concentration conditions. Future research will involve a more comprehensive examination of CO₂-based microalgae cultivation, and its comparison with chemical absorption and membrane-assisted separation techniques.