In a saucepan, melt butter and heat oil. Add shallots and sauté for 4-5 minutes or until they are translucent.
Add rice and continue sautéing for another 4-5 minutes. The edges of the rice should start to turn translucent.
Add the wine. Cook until all the wine has been absorbed into the rice.
Add 3 cups of the broth. Cook until the liquid has been absorbed, stirring occasionally. Don’t let rice stick to the bottom of the pan. Keeping adding rice 1 cup at a time, allowing the liquid to be absorbed before adding more broth.
Remove from heat and season with salt and fresh ground pepper. Fold in the spinach, thyme and Parmesan.