This paper deals with the application and comparison of several metaheuristic techniques to optimize the placement and supply area of biomass-fueled power plants. Both, trajectory and population-based methods are applied for our goal. In particular, two well-known trajectory method, such as Simulated Annealing (SA) and Tabu Search (TS), and two commonly used population-based methods, such as Genetic Algorithms (GA) and Particle Swarm Optimization (PSO) are hereby considered. In addition, a new binary PSO algorithm has been proposed, which incorporates an inertia weight factor, like the classical continuous approach. The fitness function for the metaheuristics is the profitability index, defined as the ratio between the net present value and the initial investment. In this work, forest residues are considered as biomass source, and the problem constraints are: the generation system must be located inside the supply area, and its maximum electric power is 5 MW. The comparative results obtained by all considered metaheuristics are discussed. Random walk has also been assessed for the problem we deal with.