ATK Debt II (IFC-52548)

Regions
  • Africa
Geographic location where the impacts of the investment may be experienced.
Countries
  • Kenya
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Borrower
ATLAS TOWER KENYA LIMITED
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Communications
  • Energy
  • Infrastructure
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 30.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Loan Amount (USD)
$ 30.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 52.50 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Bank Documents
Other Related Projects
Primary Source

Original disclosure @ IFC website

Updated in EWS Apr 1, 2026

Disclosed by Bank Mar 20, 2026

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

As stated by the IFC, the proposed transaction is a senior debt financing of up to US$30 million, including an IFC A Loan of up to US$20 million and additional parallel or B-loan mobilization for Atlas Tower Kenya (ATK). The funding will:

(i) enable ATK to build and operate about 300 new macro towers in Kenya (‘the phase V expansion’), expanding its portfolio—specific site locations for more than half of the proposed assets remain undefined at this appraisal stage;
(ii) support ATK’s Green Power Program which involves the large-scale deployment of solar power, battery storage, and off-grid or hybrid energy solutions to help reduce dependence on grid electricity and diesel; and
(iii) refinance existing indebtedness.

ATK is headquartered in Nairobi, Kenya, and the Project covers sites across the country.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

As stated by the IFC, the total project cost is estimated at US$52.5 million of which proposed senior debt financing will be US$30 million. The balance of the total project cost will financed through equity investments. 

Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

As stated by Bloomberg, Atlas Tower is an independent wireless infrastructure company. The Company develops and owns scalable, multi-use wireless infrastructure throughout several countries.

According to the IFC, ATK is an independent telecommunications infrastructure company operating in Kenya under a build-to-suit (BTS) model. Established in 2018, ATK owns and operates a portfolio of 439 towers and manages the full tower lifecycle, including site identification, land leasing, permitting, construction, energy solutions, and operations and maintenance, primarily through third-party contractors supported by a lean in-country team. ATK has been an IFC client since 2021, with environmental and social (E&S) performance assessed as satisfactory. The Environmental and Social Review Summary (ESRS) for the previous transaction was publicly disclosed on IFC’s disclosure portal at https://disclosures.ifc.org/project-detail/ESRS/45720/atlas-tower-ke

ATK is owned by Kalahari Capital LLC (69%) and STOA S.A. (31%).

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
STOA Investment Fund Investor Infrastructure invests in Atlas Tower Group Client Communications

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Client - Atlas Tower Kenya Limited:

Martin Heunis - Chief Financial Officer
Phone: +44 (0) 7624 307 981
Email: mheunis@atlastowers.com 
Address: Mitsumi Business Park, 67 Muthithi Road, Westlands, Nairobi, Kenya
Website: https://atlastowers.com/ 

General IFC Inquiries - IFC Communications:

Address: 2121 Pennsylvania Avenue, NW, Washington DC 20433
Telephone: +1 202-473-3800
Fax: +1 202-974-4384

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org

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How it works