Exhibit 12.1
| Pattern Energy Group Inc. | ||||||||||||||||||||||||
| Ratio of Earnings to Fixed Charges | ||||||||||||||||||||||||
(In thousands of dollars, except for ratio)
| ||||||||||||||||||||||||
| Earnings | Six months ended June 30, 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||||||
| Pre-tax income from continuing operations before adjustment for noncontrolling interests in consolidated subsidiaries or income or loss from equity investees | $ | (34,224 | ) | $ | (73,812 | ) | $ | (66,783 | ) | $ | (11,568 | ) | $ | 6,772 | $ | (16,940 | ) | |||||||
| Add: | ||||||||||||||||||||||||
| Fixed charges | 48,568 | 80,329 | 85,405 | 70,212 | 66,112 | 46,237 | ||||||||||||||||||
| Amortization of capitalized interest | 605 | 1,210 | 1,046 | 1,066 | 1,037 | 585 | ||||||||||||||||||
| Less: | ||||||||||||||||||||||||
| Interest capitalized | — | — | (5,506 | ) | (595 | ) | (1,017 | ) | (9,386 | ) | ||||||||||||||
| Total earnings available for fixed charges | $ | 14,949 | $ | 7,727 | $ | 14,162 | $ | 59,115 | $ | 72,904 | $ | 20,496 | ||||||||||||
| Fixed Charges | ||||||||||||||||||||||||
| Interest expensed and capitalized | $ | 47,394 | $ | 78,004 | $ | 83,413 | $ | 68,289 | $ | 64,631 | $ | 45,888 | ||||||||||||
| Amortization of capitalized expenses related to indebtedness | 1,174 | 2,325 | 1,992 | 1,923 | 1,481 | 349 | ||||||||||||||||||
| Total fixed charges | $ | 48,568 | $ | 80,329 | $ | 85,405 | $ | 70,212 | $ | 66,112 | $ | 46,237 | ||||||||||||
| Ratio of earnings to fixed charges | — | — | — | — | 1.1 | — | ||||||||||||||||||
| Insufficient Coverage | $ | 33,619 | $ | 72,602 | $ | 71,243 | $ | 11,097 | N/A | $ | 25,741 | |||||||||||||