1poundsalt codbacalao, soaked overnight (see note below)
The night before, cover the bacalao with cool water and refrigerate.
Drain the bacalao, rinse with fresh water. Cut into 1" pieces.
Heat a large saute pan over medium-high heat with the olive oil. When hot, add the potatoes and cook until lightly browned on all sides, about 2 minutes. Add in the bell pepper, onion, celery and garlic and saute for 3-4 minutes. Add in the tomatoes, tomato paste, water and stir. Bring to a simmer and add in the bacalao. Cover and simmer for 15 minutes or until the potatoes are cooked through. Stir in the parsley.
In the meantime, cook the rice according to package instructions. Serve the stew over rice.