EXHIBIT 12.1


SUNRUN INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
The ratio of earnings to fixed charges as well as any deficiency of earnings are determined using the following applicable factors:
Earnings available for fixed charges are calculated first, by determining the sum of: (a) loss before income taxes; and (b) fixed charges, as defined below. From this total, we add net loss attributable to noncontrolling interests and redeemable noncontrolling interests.
Fixed charges are comprised of interest expense which includes interest on debt and capital leases and amortization of debt issuance costs. Excludes interest income and interest associated with uncertain tax positions, which is recorded within income tax expense.

 
Year ended December 31,
 
Nine months
ended
September 30,
(amounts in thousands, except ratio amounts)
2013
 
2014
 
2015
 
2016
 
2017
 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
Interest expense
$
11,826

 
$
27,539

 
$
33,309

 
$
53,995

 
$
50,401

Total fixed charges
$
11,826

 
$
27,539

 
$
33,309

 
$
53,995

$
—

$
50,401

 
 
 
 
 
 
 
 
 
 
Earnings available for fixed charges:
 
 
 
 
 
 
 
 
 
Loss before income taxes
$
(66,086
)
 
$
(167,533
)
 
$
(254,205
)
 
$
(267,308
)
 
$
(180,888
)
Add: Fixed charges
11,826

 
27,539

 
33,309

 
53,995

 
50,401

Add: Net loss attributable to noncontrolling interests and redeemable noncontrolling interests
(64,294
)
 
(86,638
)
 
(220,660
)
 
(394,988
)
 
(284,144
)
Total earnings (loss) available for fixed charges
$
10,034

 
$
(53,356
)
 
$
(236
)
 
$
181,675

 
$
153,657

Ratio of earnings to fixed charges
(A)

 
(B)

 
(C)

 
3.36

 
3.05

 
 
 
 
 
 
 
 
 
 
(A) Earnings for the year ended 2013 were inadequate to cover fixed charges by $1,792.
 
 
 
 
(B) Earnings for the year ended 2014 were inadequate to cover fixed charges by $80,895.
 
 
 
 
(B) Earnings for the year ended 2015 were inadequate to cover fixed charges by $33,545.
 
 
 
 

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