NRG YIELD, INC. AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
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| For the Three |
| For the Year Ended December 31, |
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| March 31, 2018 |
| 2017 |
| 2016 |
| 2015 |
| 2014 |
| 2013 |
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| (in millions, except ratio) |
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Earnings: |
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(Loss) Income from continuing operations before income tax |
| $ | (2 | ) | $ | 48 |
| $ | 1 |
| $ | 84 |
| $ | 118 |
| $ | 149 |
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Less: |
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Equity in earnings of unconsolidated affiliates |
| (4 | ) | (71 | ) | (60 | ) | (31 | ) | (22 | ) | (27 | ) | ||||||
Capitalized interest |
| (2 | ) | (3 | ) | — |
| — |
| — |
| (26 | ) | ||||||
Add: |
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Fixed charges |
| 58 |
| 316 |
| 289 |
| 270 |
| 225 |
| 100 |
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Distributions from unconsolidated affiliates |
| 13 |
| 72 |
| 58 |
| 60 |
| 21 |
| 15 |
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Amortization of capitalized interest |
| 1 |
| 3 |
| 3 |
| 3 |
| 3 |
| 2 |
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Total Earnings: |
| $ | 64 |
| $ | 365 |
| $ | 291 |
| $ | 386 |
| $ | 345 |
| $ | 213 |
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Fixed Charges: |
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Interest expense |
| 49 |
| 282 |
| 264 |
| 251 |
| 211 |
| 68 |
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Capitalized interest |
| 2 |
| 3 |
| — |
| — |
| — |
| 26 |
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Amortization of debt issuance costs |
| 4 |
| 16 |
| 11 |
| 10 |
| 7 |
| 5 |
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Amortization of debt discounts |
| 2 |
| 9 |
| 9 |
| 6 |
| 4 |
| — |
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Approximation of interest in rental expense |
| 1 |
| 6 |
| 5 |
| 3 |
| 3 |
| 1 |
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Total Fixed Charges: |
| $ | 58 |
| $ | 316 |
| $ | 289 |
| $ | 270 |
| $ | 225 |
| $ | 100 |
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Ratio of Earnings to Combined Fixed Charges |
| 1.10 |
| 1.16 |
| 1.01 |
| 1.43 |
| 1.53 |
| 2.13 |
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