Exhibit 12.1

Canadian Solar Inc.
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends

	Year ended December 31,										Nine months ended September 30,
	2010		2011		2012		2013		2014		2015
	(In thousands of $, except percentage)
Computation of Earnings:
Income (loss) before income taxes and non-controlling interest	67,436		(74,322	)	(198,619	)	56,268		320,830		129,147
Fixed charges	24,234		48,877		59,615		64,890		60,476		52,679
Amortization of capitalized interest	668		1,246		1,723		6,773		5,789		4,509
Distributed income of equity investees	—		—		—		—		337		—
Non-controlling interest in pre-tax loss (income) of subsidiaries that have not incurred fixed charges	(259	)	99		(314	)	(13,906	)	(4,385	)	(1,424	)
Less: capitalized interest	1,686		4,100		5,302		17,641		10,508		14,900
Total	90,393		(28,200	)	(142,897	)	96,383		372,539		170,011
Computation of Fixed Charges:
Interest expenses	22,164		43,843		53,305		46,244		48,906		37,083
Interest capitalized	1,686		4,100		5,302		17,641		10,508		14,900
Estimated interest component of rental expense	384		934		1,008		1,005		1,062		696
Total Fixed Charges	24,234		48,877		59,615		64,890		60,476		52,679
Preferred Stock Dividends	—		—		—		—		—		—
Combined Fixed Charges and Preferred Stock Dividends	24,234		48,877		59,615		64,890		60,476		52,679
Ratio of Earnings to Fixed Charges	373	%	—		—		149	%	616	%	323	%
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends	373	%	—		—		149	%	616	%	323	%
Insufficient Coverage	—		77,077		202,512		—		—		—