The initial financial stage of the purchase of Sark Electricity has been agreed by Chief Pleas.
Chief Pleas met last night (8 April) and agreed the loan was the most cost effective way of progressing their purchase of Sark Electricity.
The asset will be independently valued before a sum is agreed.
The potential compulsory purchase faces opposition from Sark Electricity's owner, who questions its value to the community.
Chief Pleas also agreed to set up a company to own the asset in the immediate future, although they say it may eventually become community owned.
Following purchase, it is intended to appoint the former MD of Alderney Electricity as Sark Electricity's interim managing director.
James Lancaster has experience of electricity generation and distribution on a small island and will oversee the transfer of assets, the management of immediate remedial works and set up operational and governance arrangements.
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