Heat oil in a large skillet over medium heat. Add onion and pancetta; cook until onion is soft and pancetta crisp, about 5 minutes. Add zucchini and bouillon cube. Cook and stir for 2 to 4 minutes. Pour in water and cover skillet. Cook until zucchini is soft and liquid has been absorbed, about 7 minutes. Lastly add the cream and mix well, remove from heat.

Meanwhile, bring a large pot of lightly salted water to a boil. Add penne and cook, stirring occasionally, until tender yet firm to the bite, about 11 minutes. Drain and add to the skillet. Mix well. Serve with Parmesan cheese.