Prepare rice according to package directions. Meanwhile, in small saucepan, heat 1 teaspoon oil over medium heat. Add shallots and sauté until softened.
Reduce heat and stir in coconut milk, peanut butter, sugar, chili powder, fish sauce and cayenne pepper. Simmer on low heat 10 minutes, stirring occasionally.
In large skillet, heat remaining 1 tablespoon oil over medium-high heat. Add in chicken and onions. Sauté until cooked through (about 6-8 minutes).
Stir in spinach and peanut sauce; reduce heat and simmer 5 minutes. Serve over cooked rice; garnish with peanuts and lime wedges.