Heat olive oil in a large saucepan over medium-high heat. Stir in the onion and green pepper; cook until the onion begins to turn brown, about 5 minutes. Pour in the water, white beans, tomato sauce, garlic, cilantro, and calabaza. Season with the sazon packet, bouillon cube, salt, pepper, and cumin; stir well to combine.

Bring to a boil, then reduce heat to a simmer, cover, and cook until the calabaza has softened, about 20 minutes. Remove the cover, and continue cooking until the sauce has thickened, about 10 more minutes.