A fluid handling system for a use with an engine is provided. The fluid-handling system may have a first turbine connected to receive a portion of an exhaust flow from the engine, a first compressor driven by the first turbine to pressurize an airflow, and a heat exchanger configured to receive a remaining portion of the exhaust flow from the engine and the airflow from the first compressor. The fluid-handling system may also have a second turbine connected to receive the airflow from the heat exchanger, and a generator driven by the second turbine to generate power.