Melt the butter in a dutch oven or large saucepan over medium-high heat. Add the corn, onion and bell pepper to the pan and cook, stirring occasionally, until corn is thawed, about 5 minutes.
Stir in the garlic, chili powder, 1 tsp salt, and 1/2 tsp pepper and cook until while stirring about 1 minute. Stir in the heavy cream, milk, and water and transfer to a food processor, in batches, and blend as smooth as you can get it.
Press mixture into a large bowl through a fine mesh sieve to remove and solids. Season with salt & pepper to taste. Cover the soup and refrigerate for at least 3 hours.
When soup is chilled stir in the lime juice then ladle into bowls and top with diced avocado and feta cheese.
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