After signing the agreement with Scotland First Minister Alex Salmond, Masdar Chief Executive Dr Sultan Al Jaber said the agreement will allow collaboration in the areas of offshore and onshore wind projects, low carbon capture, storage, investment in the low carbon economy and renewable energy research and development.
The chief executive said it will also allow knowledge transfer through academia and the commercial sector. This will be achieved through the identification of potential power projects, introductions within the Scottish business community and opportunities for joint research, he said.
Dr Al Jaber said: "From wind and solar energy, to the potential of wave technology, Scotland is a strong advocate for the advancement and deployment of renewable energy." Scotland offers huge opportunities and the country has "committed to ensuring that renewable energy sources contribute to 100 per cent of its own electricity requirements by 2020, while continuing to export surplus power.
"With abundant, untapped natural resources, Scotland has a tremendous potential for renewable energy. Our countries share a similar vision where new forms of power will complement and help balance the global energy mix. This partnership further unites our nations," he added.
Alex Salmond said that the agreement provides vitally important investment and development opportunities for both partners. "It also enables us to work closely together, to share our respective expertise to help push and promote alternative energy sources at a global level, as the world seeks to address a broad range of climate change issues.
"As the world moves towards a low-carbon economy, there is mutual benefit to be had from working in collaboration to create these technologies. Together Scotland and Masdar have much to contribute to energy policy and economic and social development beyond just our two countries and I look forward to our partnership flourishing," he said.
Lena Wilson, Chief Executive of Scottish Enterprise, said: "Capitalising on these strengths and opening up global opportunities such as this is vital in securing Scotland's long-term economic growth."