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In a medium saucepan, bring 3 c water, rice and salt to a boil over high heat. Reduce heat to low and cover tightly. Simmer until rice is tender and has absorbed liquid, about 15 minutes. Remove from heat and let stand, covered, for 5 minutes.
Meanwhile, heat 1 tbsp oil and chorizo in large skillet over medium heat. Stir occasionally until it is hot and sizzling, about 3 minutes. Using slotted spoon, transfer to plate, leaving fat in skillet.
Add shrimp and cook, turning halfway through cooking, just until surface turns opaque, about 3 minutes. Do not overcook. Transfer to plate with chorizo. Add remaining 1 tbsp oil to skillet and heat. Add onion and bell pepper and cook, stirring occasionally, until onion softens, about 2 minutes. Stir in garlic and cook until fragrant, about 1 minute.
Add broth, wine, saffron and hot pepper flakes and bring to a boil, scraping up browned bits in pan with wooden spoon. Spoon a few tablespoons of broth mixture into a small bowl. Add corn starch, whisk to dissolve and add back to skillet, stirring to combine. Bring to a boil and cook until sauce is lightly thickened, about 2 minutes. Stir in peas, along with reserved shrimp and chorizo, and cook just until shrimp are reheated, about 1 minute. Remove from heat. Season to taste with salt and pepper.
Divide cooked rice among four deep bowls and top with equal amounts of shrimp mixture. Sprinkle with parsley and serve.
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