Cook the pasta in salted boiling water until al dente. Reserve 1 cup of pasta water before draining.
In a food processor, blend roasted red peppers, sun-dried tomatoes, basil, olives, pine nuts, Parmesan cheese, garlic, crushed red pepper flakes, salt, and black pepper.
While blending, drizzle in the olive oil until the pesto reaches a smooth consistency.
Return the drained pasta to the pot and pour in the red pesto along with 1/2 cup of reserved pasta water. Stir over low heat until combined.
Adjust the consistency by adding more reserved pasta water as needed. Serve hot, garnished with extra Parmesan and fresh basil.
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Notes
Store leftovers in an airtight container in the refrigerator for 3-5 days. Reheat gently, adding water or oil if necessary.