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Step 1
Bring the water (and milk if using) to a boil in a heavy sauce pan or Dutch oven. Stir in the salt.
Step 2
Gradually sprinkle the polenta into the pan while whisking at the same time. Turn the heat to a very low simmer and cover the pan. Continue to cook the polenta for 25 - 30 minutes, until the polenta is thickened, fluffy and begins to pull away from the sides of the pan. Stir occasionally so it doesn’t stick to the bottom of the pan.
Step 3
When the polenta is done, remove from the heat and stir in the butter or olive oil, cheese and season with additional salt if you like.
Step 4
Pour the oil into a 10-12-inch skillet and place over medium-high heat. When the oil starts to shimmer, add the shrimp in one layer. Cook until the shrimp begin to turn opaque on the bottom, about 2 minutes.
Step 5
Turn the shrimp over and add the tomatoes, red bell pepper, shallot, garlic and lemon juice. Bring to a simmer and cook until the tomatoes soften and become juicy and the shrimp are pink and cooked through, about 5 minutes. Sprinkle the basil over the shrimp.
Step 6
Serve the polenta in shallow bowls with the shrimp and sauce spooned over the top. Sprinkle with additional Parmesan cheese and enjoy!