Step 1

Heat a large saucepan. Add the spinach by the handful and cook over moderately high heat, stirring often, until wilted, about 5 minutes. Transfer the spinach to a colander and squeeze it as dry as possible. Chop the spinach.

Step 2

Heat the oil in the saucepan. Add the shallot and cook over moderate heat, stirring, until golden, 4 to 5 minutes. Add the cream; cook until reduced by half, 6 to 7 minutes. Add the butter and swirl to incorporate. Stir in the Parmesan and cook over low heat for 2 minutes. Add the spinach and water, season with salt and pepper and cook over low heat until the spinach is coated with the thickened sauce, about 5 minutes. Serve hot.