In a saucepan, combine the white wine, rice vinegar, sliced shallot, garlic, and peppercorns. Bring to a boil over medium heat. Cook until the mixture reduces to about ½ cup, then strain into a bowl and refrigerate until chilled.
Once chilled, transfer the wine reduction to a food processor. Add the French butter, coconut cream, lemon juice, lime juice, and blend until smooth. Stir in the lemon and lime zest, then season with salt to taste. Set aside or refrigerate.
In a bowl, mix the flour, garlic powder, salt, paprika, black pepper, and water until it forms a smooth batter. On a plate, combine the shredded coconut, panko breadcrumbs, garlic powder, and a pinch of salt. Dip each shrimp into the batter, allowing the excess to drip off, then coat the shrimp thoroughly in the coconut and panko mixture. Press the coating into the shrimp to ensure it sticks.
Spray the air fryer basket with oil, place the shrimp inside, and spray them again lightly with oil. Air fry at 370°F for 12-15 minutes, flipping halfway through, until the shrimp are golden and crispy. Serve the crispy coconut shrimp alongside the whipped citrus beurre blanc for dipping. Enjoy immediately!
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