The project intends to double access to power in Africa with new investments in the next five years.
The US government has committed over $7bn in financial support to Power Africa over five years.
Power Africa intends to add over 10,000MW of electricity generation capacity, and electrify about 20 million new households and commercial entities with on-grid, mini-grid, and off-grid solutions.
Ethiopia, Ghana, Kenya, Liberia, Nigeria and Tanzania are the six initial partner countries in the initiative.
The initiative will improve energy resource management capabilities, enabling partner countries to meet their critical electricity requirements and achieve sustainable energy security.
Standard Bank chief executive Sim Tshabalala said: "We are seeing an increasing pipeline of power projects across sub-Saharan Africa.
"In 2013 we committed to arrange funding of at least $150m of debt in the near term across the Power Africa countries, while more recently that amount has risen to over $400m, principally in Kenya and Nigeria, with smaller transactions in Ghana and Tanzania."
Standard Bank estimates that over $1bn of commercial projects will be realised throughout the six Power Africa partner nations by 2018.
The International Energy Agency estimates that sub-Saharan Africa will need over $300bn in investment to achieve universal electricity access by 2030.
