Take the 5 Eggs out of the fridge to take the chill off.
Pour 1/4 cup Water into a medium saucepan. Slowly pour 2/3 cup Sugar into the center of the saucepan, making sure to not get any sugar on the sides of the pan. Using a spatula, gradually stir the sugar just enough to moisten all the sugar.
Bring to a boil over medium heat. Once it starts boiling cook without stirring until the mixture becomes a straw color. This can take anywhere from 7 to 13 minutes. At about the midpoint it’s going to look like it’s not working and that the sugar is just getting crusty. It’s ok. It will start to melt and turn brown. (If you notice the sugar is melting quicker on one side than the other, turn the pot every so often to even out the heat.)
Once the sugar begins to turn a straw color and the crystals are almost all melted, start to swirl the pot until the sugar crystals are all melted and the caramel is a golden color.
Carefully pour the caramel into the Flanera pan. (Do not use a spatula to scrape out any remaining caramel. Whatever doesn’t pour out of the pan, just leave it.)
Swirl the flanera around so the bottom and about 1 inch up the sides is coated with the caramel. Set aside to cool.
In a large measuring jug or bowl, add 3 Eggs, 2 Egg Yolks, 1 can of Sweetened Condensed Milk, 1 cup Milk, and 1 tsp Vanilla. Whisk just enough to incorporate all ingredients together. Set aside.
Add 2 cups of water into the Instant Pot liner.
Pour the flan mixture into the Flanera with the caramel. It is ok if you hear a cracking sound. Place the top on the Flanera and clip in place. If you are using a regular pan, cover tightly with foil.
Place on the trivet and lower into the Instant Pot. Lock the Instant Pot lid into place and make sure the valve is set to SEALED. Cook on High Pressure for 15 minutes and Natural Pressure Release for 20 mins.
Remove the Flanera from the Instant Pot and place on a wire rack. Remove the top and allow to cool at room temperature for 1 1/2 hours. Put the top back on the Flanera and place in the fridge for at least 4 hours.
To un-mold, just run a knife along the inside. Place a pie plate on top and invert.
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