Mr Waugh said the various community groups were pitching in to fund the mural and hoped Vodafone would too.
Vodafone head of power and building services Neil Sheldon said it had been working with Progress Castlecliff to get a design everybody was happy with.
"It's waiting for us to say let's go ahead with it," Mr Sheldon said.
But he said the mural would happen.
Mr Sheldon said Vodafone had supported similar projects to do with substations in other areas to contribute to tidying up the look of communities.
"To be fair they were built in the 1970s and 1980s when a lot of them probably looked okay," he said.
"I think we are becoming more conscious of environmental graffiti, so to speak."