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Heat butter and olive oil in a large saucepan over medium-high heat.
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Add the shallots and reduce the heat to medium-low. Sauté shallots for about 20 minutes minutes or until softened and caramelized.
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Once caramelized, remove ¾ of the onions and set aside.
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Increase heat to medium-high temperature and add rice and garlic. Stir to coat with butter/oil. Cook until rice is a golden color, stirring constantly.
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Once rice is golden in color, add the Guinness. Reduce heat to medium-low and cook until beer has almost fully absorbed into the rice, stirring regularly.
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Add ½ cup broth to the rice, and stir until the broth is absorbed. Continue adding broth ½ cup at a time, stirring regularly, until the liquid is absorbed and the rice is al dente, about 20 to 30 minutes.
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Remove from heat, and stir in shallots with their liquid, warm cream, and shredded cheddar.
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Season with salt and pepper to taste and garnish with fresh thyme. Serve immediately.