Macquarie Infrastructure’s purchase of New Jersey-based Bayonne Energy Center will mean an increase to its quarterly dividend. The last dividend was 98 cents a share paid in November of last year, and the company’s current yield is 4.99%.

Macquarie (NYSE: MIC), a member of the Global Income Edge Aggressive portfolio, says it will announced the higher dividend on Feb. 19, and will also give guidance for the 2015 dividend then.

The Bayonne Energy Center, which is being bought from an affiliate of ArcLight Capital Partners, will generate about $62 million for Macquarie’s Contracted Power & Energy segment. (That amount is measured in annual EBITDA, or earnings before interest, taxes, depreciation and amortization.)

The acquisition is expected to close in the first half of 2015, pending regulatory approval.

The Center is a gas-fired power generation facility that supplies New York City with power through a 7-mile transmission cable beneath the Hudson River. And the Center has the potential to generate more power for NYC and more revenue for Macquarie, which believes that it can increase the Center’s capacity by more than 25%.

The recent addition is also located along Macquarie’s International-Matex Tank Terminals operations in Bayonne, and that proximity means both operations’ efficiency can increase, said MIC Chief Executive Officer, James Hooke.

The $720 million price tag for the Center will be made up of $210 million in cash and the assumption of $510 million of debt.

Macquarie is part of the investing-in-infrastructure megatrend. As we noted recently, crumbling roads, pipes and power grids is a global problem, the U.S. is the best place to invest in infrastructure. 

As my colleague Richard Stavros wrote: “There’s a trillion dollars needed for infrastructure investment in the U.S. over the next seven to 10 years, and $400 billion alone will go to regulated utilities, where a large portion will be used for replacing aging coal plants with natural gas power plants, and adding renewable energy sources such as solar and wind. The American Society of Civil Engineers grades the country’s infrastructure a D+.”

Macquarie Infrastructure owns and operates four major businesses in the U.S. that generate high, consistent levels of cash due to long-term contracts to supply essential services:

1)    Atlantic Aviation, one of the largest operators of general aviation services, which provides fuel and hanger services to the noncommercial aviation sector—usually high-end personal jets.

2)    International-Matex Tank Terminals, one of the largest independent bulk-liquids-terminals companies in the U.S.

3)    Hawaii Gas, the exclusive provider of a gas utility to the islands of Hawaii, and the largest propane provider to residences and businesses there.

4)    Macquarie’s Contracted Power unit owns facilities that generate about 96 megawatts (MW) from solar and wind power. The company recently added more power generation when it increased its stake in Idaho Wind Partners (IWP) power-generation project to 72%.