Let $R$ be a commutative ring and $M$ be some $R$-module such that $M \otimes -$ is continuous (i.e. preserves all limits). Then one can show that $M$ is f.g. projective.
One way to prove this is to use adjoint functor theorems (anyone you like): We obtain a left adjoint, which has the form $M^* \otimes -$ by Eilenberg-Watts, and then one obtains that $M$ is dualizable, etc.
Is there also a proof which is more direct or elementary? We can also use other characterizations, such as f.g. projective = f.p. flat. It is clear that $M$ is flat (since $M \otimes -$ preserves finite limits), but I do not know how to approach f.p.