French infrastructure and impact investor STOA has committed a $27 million strategic equity investment in Atlas Tower Kenya (ATK).

The investment will accelerate ATK’s expansion and sustainability efforts as it continues to bridge Kenya’s digital divide, particularly in underserved and rural areas. Backed by private equity firm Kalahari Capital, Atlas Tower Kenya currently owns and operates more than 450 telecom towers nationwide and has been an active player in the Kenyan market since 2019.

Marie-Laure Mazaud, CEO of STOA, commented, “Atlas Tower Kenya has built a strong reputation for operational excellence and for addressing Kenya’s digital divide,” she said.

“This partnership reflects our confidence in the company’s strategy and our shared commitment to advancing the country’s digital transformation. By bringing long-term capital and development expertise, STOA will support Atlas Tower Kenya in its next phase of growth.”

Nathan Foster, founding member of Kalahari Capital and CEO of Atlas Tower Kenya, welcomed STOA’s entry, “We are thrilled to welcome STOA. Their investment underscores the fundamental value of Atlas Tower Kenya and provides the necessary resources to accelerate asset growth while continuing our mission of quality, efficiency, and positive impact,” he said.

“Partnering with STOA will help further unleash our speed strategy while leaning in on more efficient green power production. This partnership will help ensure we continue as the #1 infrastructure choice for our clients.”

A key component of the investment will enable ATK to expand its use of solar energy and battery storage systems across its tower sites, reducing reliance on diesel generators and lowering the company’s overall carbon footprint.

Randi Clendennen, founding member of Kalahari Capital and Chief Strategy Officer of Atlas Tower Kenya, called the investment a “landmark moment” for the company. “With STOA’s backing, we will scale our tower portfolio, strengthen the sustainability of our operations, improve power generation, and reach more communities with critical wireless infrastructure,” she said. “Our focus remains on delivering best-in-class service to customers while helping to ensure equitable wireless access to all users in Kenya.”

Completion of the transaction is subject to standard regulatory approvals, including clearance from the Competition Authority of Kenya (CAK).

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