IFC weighs $30 million debt for Atlas Tower Kenya

The International Finance Corporation is considering a $30 million debt investment in Atlas Tower Kenya to accelerate telecom expansion and green energy deployment across underserved regions. The proposed multi-currency financing, disclosed March 20, is pending board approval expected in April.

The funding will support new tower construction, expand Atlas Tower Kenya’s existing 442-site portfolio, and refinance part of its debt. A key focus is scaling solar-powered and hybrid energy systems to reduce diesel dependence, cut costs, and improve network reliability in off-grid and rural areas.

Funding network expansion and green energy
The financing package includes an IFC A Loan of up to $20 million, with the remaining portion expected to be mobilized from parallel lenders. The capital will support the construction of new telecom towers, expanding ATK’s existing portfolio of 442 sites, while also refinancing part of its current debt.

A key component of the project is ATK’s Green Power Program, which focuses on deploying solar energy, battery storage, and hybrid power systems across tower sites. The initiative is designed to reduce reliance on diesel and grid electricity, lowering operating costs and environmental impact while improving network reliability in off-grid and underserved areas.

Strengthening Kenya’s digital infrastructure
Founded in 2018, ATK operates under a build-to-suit model, managing the full lifecycle of telecom towers—from site acquisition and permitting to construction, energy solutions, and maintenance. The company is owned by Kalahari Capital LLC (69%) and STOA S.A. (31%), positioning it as a key independent player in Kenya’s telecom infrastructure space.

The total project cost is estimated at $52.5 million, with the balance to be financed through equity contributions. By expanding tower infrastructure, the investment is expected to improve mobile network coverage, enhance service quality, and support Kenya’s growing demand for data and digital services.

Transparency and investment process
The disclosure forms part of IFC’s Summary of Investment Information (SII), which provides an overview of potential investments ahead of board consideration. While IFC has assessed the project for public release under its Access to Information Policy, it noted that some project details have not been independently verified and may be updated over time.

If approved, the investment would reinforce IFC’s role in supporting private-sector-led digital infrastructure in Africa, helping bridge connectivity gaps while advancing sustainable and resilient telecom networks in one of the continent’s fastest-growing markets.