We propose and experimentally demonstrate a stable multi-wavelength fiber ring laser operating in the L-band with wavelength spacing of 25 GHz. The mechanism is induced by a polarization rotation intensity equalizer consisting of a semiconductor optical amplifier and polarization devices. A Fabry-Perot filter is inserted into the cavity to serve as a multi-wavelength selection device. Stable L-band multi-wavelength lasing with 3 dB uniformity of 21.2 nm, and simultaneous oscillation of 101 lines with wavelength spacing of 25 GHz, is obtained.