Heat oil in a large skillet over medium-high heat.
Add onions and garlic and cook, stirring constantly, until onion softens, about 2 minutes.
Add sundried tomatoes, tomato paste, and red pepper; cook for 1 minute.
Stir in beans and water. Use a wooden spoon to scrape any browned bits from the bottom of the pan.
Pour in heavy cream and bring to a simmer. Cook, stirring occasionally until thick and creamy, about 5 minutes.
Stir in Parmesan cheese and cook until well incorporated and heated through, 1 to 2 minutes.
Stir in basil and season to taste with salt and pepper.
Serve with crusty bread.
