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To prepare risotto, combine water and broth; set aside. Melt butter in a large nonstick saucepan over medium heat. Add ⅓ cup shallots; cover and cook 2 minutes. Add rice; cook 2 minutes, uncovered, stirring constantly. Stir in ½ cup wine; cook 30 seconds or until the liquid is nearly absorbed, stirring constantly. Add ½ teaspoon salt and broth mixture, ½ cup at a time, stirring constantly until each portion of broth mixture is absorbed before adding the next (about 20 minutes total). Stir in Gouda; cook just until melted.
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To prepare mushrooms, heat olive oil in a large nonstick skillet over medium-high heat. Add mushrooms, and sauté 5 minutes or until beginning to brown. Add ⅓ cup shallots, ¼ cup wine, chopped thyme, chopped rosemary, and minced garlic, and sauté 1 minute or until wine is absorbed. Sprinkle with ¼ teaspoon salt and pepper.
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Divide risotto evenly among bowls; top with mushroom mixture. Garnish with rosemary sprigs, if desired.