A waste heat recovery system is provided. The waste heat recovery system includes a Rankine cycle system for circulating a working fluid. The Rankine cycle system includes at least one first waste heat recovery boiler configured to transfer heat from a heat source to the working fluid. The Rankine cycle system also includes a first expander configured to receive the heated working fluid from the at least one first waste heat recovery boiler. Further, the Rankine cycle system includes a second expander and a third expander coupled to at least one electric generator. The waste heat recovery system also includes a condenser configured to receive the working fluid at low pressure from the first expander, the second expander and the third expander for cooling and a pump connected to the condenser for receiving a cooled and condensed flow of the working fluid from the condenser.